EUR/ZAR may fall 1312 - 1872 pips

Our pivot point is at 20.17.

Our preference

The downside prevails as long as 20.17 is resistance.

Alternative scenario

The upside breakout of 20.17, would call for 20.26 and 20.32.

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 20.15 and 20.15).

Supports and resistances

20.32 **

20.26 *

20.17 **

20.13

20.09 last

19.96

19.90 **

19.85 *

19.79 **

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