EUR/HUF may fall 114 - 164 pips

Our pivot point is at 394.56.

Our preference

The downside prevails as long as 394.56 is resistance.

Alternative scenario

Above 394.56, look for 395.41 and 395.92.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 394.43 and 394.71). Finally, the EUR/HUF has penetrated its lower Bollinger band (393.91).

Supports and resistances

395.92 **

395.41 *

394.56 **

394.23

393.79 last

392.65

392.15 **

391.64 *

391.13 **

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