EUR/HUF may rise 101 - 151 pips

Our pivot point stands at 393.89.

Our preference

The upside prevails as long as 393.89 is support.

Alternative scenario

The downside breakout of 393.89 would call for 393.04 and 392.54.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 393.47 and 393.44). Finally, the EUR/HUF has crossed above its upper Bollinger band (394.46).

Supports and resistances

397.07 **

396.57 *

396.06 **

395.56

394.55 last

394.22

393.89 **

393.04 *

392.54 **

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