EUR/NZD may fall 50 - 74 pips

Our pivot point is at 1.7539.

Our preference

The downside prevails as long as 1.7539 is resistance.

Alternative scenario

The upside breakout of 1.7539, would call for 1.7578 and 1.7601.

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 1.7507 and 1.7513).

Supports and resistances

1.7601 **

1.7578 *

1.7539 **

1.7524

1.7501 last

1.7451

1.7427 **

1.7404 *

1.7381 **

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