EUR/ZAR: More weakness expected

Near term pressure in the Euro is visible across the board, even versus relatively weak secondary market crosses such as ZAR. A continuation of the down trend towards the weekly support zone at ~13.87 is expected. Clearing this area means the completion of a huge triangle pattern. Declines towards 12.6440 and roughly 11.61 then come into focus.

We are already extensively short versus the Euro but see enough potential (and limited risk) to enter short in EUR/ZAR as well.

Primary trend: negative
Outlook: pressure mounting, more weakness expected
Strategy: hold-short / short-entry
Support: 13.87 / 12.6440 / 11.61-
Resistance: 14.65 / 14.7850
Outlook cancelled/neutralized above 14.65