EUR/HUF may rise to 405.37 - 409.85

388.32 is our pivot point.

Our preference

As long as 388.32 is support look for 409.85.

Alternative scenario

The downside breakout of 388.32 would call for 380.83 and 376.38.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 394.50 and 390.65).

Supports and resistances

418.80 **

414.32 *

409.85 **

405.37

395.58 last

391.26

388.32 **

380.83 *

376.38 **

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