EUR/CNH may fall 139 - 239 pips

Our pivot point stands at 7.69.

Our preference

The downside prevails as long as 7.69 is resistance.

Alternative scenario

Above 7.69, look for 7.71 and 7.71.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.69 and 7.70). Finally, the EUR/CNH is trading below its lower Bollinger band (standing at 7.68).

Supports and resistances

7.71 **

7.71 *

7.69 **

7.69

7.68 last

7.67

7.66 **

7.65 *

7.64 **

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