EUR/HUF may rise 118 - 172 pips

Our pivot point stands at 389.76.

Our preference

The upside prevails as long as 389.76 is support.

Alternative scenario

The downside breakout of 389.76 would call for 388.85 and 388.31.

Comment

The RSI is above 50. 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 390.60 and 390.27). Finally, the EUR/HUF has crossed above its upper Bollinger band (390.88).

Supports and resistances

393.79 **

393.25 *

392.71 **

392.17

390.99 last

390.11

389.76 **

388.85 *

388.31 **

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