EUR/ZAR may rise 800 - 1150 pips

Our pivot point stands at 18.98.

Our preference

Rebound.

Alternative scenario

Below 18.98, expect 18.93 and 18.89.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (19.03) but below its 50 period moving average (19.06).

Supports and resistances

19.24 **

19.20 *

19.17 **

19.13

19.05 last

19.01

18.98 **

18.93 *

18.89 **

Number of asterisks represents the strength of support and resistance levels.