EUR/HUF may rise 82 - 122 pips

Our pivot point is at 384.88.

Our preference

The upside prevails as long as 384.88 is support.

Alternative scenario

The downside breakout of 384.88 would call for 384.21 and 383.82.

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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 385.19 and 385.24). Finally, the EUR/HUF is trading above its upper Bollinger band (standing at 385.71).

Supports and resistances

388.02 **

387.63 *

387.23 **

386.83

386.01 last

385.14

384.88 **

384.21 *

383.82 **

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