EUR/HUF may rise 78 - 117 pips

Our pivot point is at 398.10.

Our preference

Rebound.

Alternative scenario

The downside breakout of 398.10 would call for 397.44 and 397.05.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (398.72) but under its 50 period moving average (398.90).

Supports and resistances

400.76 **

400.37 *

399.98 **

399.59

398.81 last

398.36

398.10 **

397.44 *

397.05 **

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