EUR/PLN may rise 130 - 187 pips

4.2763 is our pivot point.

Our preference

The upside prevails as long as 4.2763 is support.

Alternative scenario

Below 4.2763, expect 4.2667 and 4.2610.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 4.2740 and 4.2730). Finally, the EUR/PLN has crossed above its upper Bollinger band (4.2838).

Supports and resistances

4.3148 **

4.3091 *

4.3034 **

4.2977

4.2847 last

4.2800

4.2763 **

4.2667 *

4.2610 **

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