EUR/CZK may rise 51 - 73 pips

Our pivot point is at 24.681.

Our preference

The upside prevails as long as 24.681 is support.

Alternative scenario

Below 24.681, expect 24.644 and 24.622.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 24.728 and 24.732). Finally, the EUR/CZK is trading above its upper Bollinger band (standing at 24.757).

Supports and resistances

24.878 **

24.856 *

24.833 **

24.811

24.760 last

24.696

24.681 **

24.644 *

24.622 **

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