EUR/ZAR price, after going through a significant ascending wave, is now reaching out to a strong supply zone at 18.00000. The red ascending line, being placed just below the price line, indicates the short term trend line; in case the price line breaks below this area, it could be considered as a trigger to start a descending wave.
At the same time, RSI indicator is issuing a complex negative divergence signal and it is indicating almost 63. MACD also is indicating potential for a descending wave, in case the MACD line and the signal line cross over, the bearish trigger would be completed.
• There is a resistance level at 18.00000 followed by resistance at 18.40000 and 18.550000
• There is a support level at 16.67250. Below, there is 16.40000 and 16.20000
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
Comments are closed.
