EUR/CNH may fall 204 - 304 pips

7.72 is our pivot point.

Our preference

Technical rebound towards 7.72 before a new drop.

Alternative scenario

Above 7.72, look for 7.73 and 7.74.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above its 20 period moving average (7.71) but under its 50 period moving average (7.71).

Supports and resistances

7.74 **

7.73 *

7.72 **

7.72

7.71 last

7.69

7.68 **

7.68 *

7.67 **

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