EURO showing strong downside against ZAR to R17.85

M Formation has formed over the last few months with the EUR/ZAR.

The price broke below the support which has become the resistance. ANd the price has been coming down on a trajectory to the psychological level of R19.00.

Now, if it breaks down further, I might be too optimistic but it looks like the next target could hit is R17.85.

What are your thoughts?