EUR/NZD may fall 48 - 70 pips

Our pivot point is at 1.7616.

Our preference

The downside prevails as long as 1.7616 is resistance.

Alternative scenario

Above 1.7616, look for 1.7653 and 1.7675.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7604 and 1.7615).

Supports and resistances

1.7675 **

1.7653 *

1.7616 **

1.7602

1.7583 last

1.7535

1.7513 **

1.7491 *

1.7469 **

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