EUR/HUF may fall 126 - 177 pips

Our pivot point is at 394.13.

Our preference

The downside prevails as long as 394.13 is resistance.

Alternative scenario

The upside breakout of 394.13, would call for 394.98 and 395.49.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 393.61 and 393.58).

Supports and resistances

395.49 **

394.98 *

394.13 **

393.79

393.32 last

392.06

391.55 **

391.04 *

390.54 **

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