EUR/CZK may fall 46 - 69 pips

24.652 is our pivot point.

Our preference

The downside prevails as long as 24.652 is resistance.

Alternative scenario

The upside breakout of 24.652, would call for 24.691 and 24.714.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). 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 24.628 and 24.611). Finally, the EUR/CZK is trading below its lower Bollinger band (standing at 24.586).

Supports and resistances

24.714 **

24.691 *

24.652 **

24.637

24.543 last

24.497

24.474 **

24.451 *

24.428 **

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