EUR/ZAR may fall 793 - 1143 pips

Our pivot point is at 19.17.

Our preference

The downside prevails as long as 19.17 is resistance.

Alternative scenario

The upside breakout of 19.17, would call for 19.23 and 19.26.

Comment

The RSI is below its neutrality area at 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 19.16 and 19.13). Finally, the EUR/ZAR is trading below its lower Bollinger band (standing at 19.09).

Supports and resistances

19.26 **

19.23 *

19.17 **

19.14

19.09 last

19.01

18.97 **

18.94 *

18.90 **

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