EUR/CZK may rise 53 - 80 pips

Our pivot point stands at 25.072.

Our preference

The upside prevails as long as 25.072 is support.

Alternative scenario

The downside breakout of 25.072 would call for 25.028 and 25.001.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 25.120 and 25.125). Finally, the EUR/CZK is trading above its upper Bollinger band (standing at 25.152).

Supports and resistances

25.300 **

25.273 *

25.247 **

25.220

25.167 last

25.090

25.072 **

25.028 *

25.001 **

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