EUR/NZD may fall 48 - 70 pips

Our pivot point stands at 1.7647.

Our preference

The downside prevails as long as 1.7647 is resistance.

Alternative scenario

The upside breakout of 1.7647, would call for 1.7684 and 1.7706.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.7622 and 1.7629).

Supports and resistances

1.7706 **

1.7684 *

1.7647 **

1.7632

1.7615 last

1.7567

1.7545 **

1.7522 *

1.7500 **

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