EUR/CNH may rise 218 - 218 pips

Our pivot point stands at 7.89.

Our preference

As long as 7.89 is support look for 7.93.

Alternative scenario

The downside breakout of 7.89 would call for 7.88 and 7.87.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (7.91) but above its 50 period moving average (7.90).

Supports and resistances

7.95 **

7.94 *

7.93 **

7.93

7.91 last

7.90

7.89 **

7.88 *

7.87 **

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