FXOpen traders can now use the EUR/ZAR currency pair in their strategies.
The EUR/ZAR pair is known for its volatility, which can benefit trend traders during the day. The daily chart (below) also shows that the rate stays within a range, making it suitable for swing trading around key support and resistance levels.
What Influences the EUR/ZAR Exchange Rate?
Key factors affecting the rand (ZAR) in 2024 include:
→ High Inflation: Inflation was 5.4% in January but dropped to 4.6% by July due to high interest rates set by the South African Reserve Bank, which strengthens the rand.
→ Commodity Prices: Prices for gold, platinum, and diamonds.
→ Political Instability: Domestic political events and reforms can lead to increased volatility.
Technical Analysis of EUR/ZAR
For 2024, the EUR/ZAR chart shows:
→ The price is in a mild downtrend, as seen in the grey linear regression channel.
→ A trendline (in red) supported the price at the end of 2023, but after a bearish breakout in March 2024, the breakout zone (around 20.4) now shows resistance.
→ The level of 19.4 is significant support. The price may test this level later this year, though currently, bearish pressure is contained at the support level of 19.57.
EUR/ZAR Forecast
Trading Economics analysts forecast that the EUR/ZAR rate could be 19.9468 in one year, based on global macroeconomic models.
According to TipRanks, analysts have an average price target of $620 for ADBE stock over the next 12 months, implying a potential upside of 15% from current levels.
FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms!
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