EUR/CNH may rise 189 - 289 pips

Our pivot point is at 7.80.

Our preference

Our next up target stands at 7.85.

Alternative scenario

The downside breakout of 7.80 would call for 7.79 and 7.78.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.79 and 7.80). Finally, the EUR/CNH is trading above its upper Bollinger band (standing at 7.82).

Supports and resistances

7.86 **

7.85 *

7.85 **

7.84

7.82 last

7.81

7.80 **

7.79 *

7.78 **

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