EUR/HUF may rise 79 - 118 pips

Our pivot point stands at 399.00.

Our preference

The upside prevails as long as 399.00 is support.

Alternative scenario

The downside breakout of 399.00 would call for 398.34 and 397.95.

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 above its 20 and 50 period moving average (respectively at 398.88 and 398.92). Finally, the EUR/HUF has crossed above its upper Bollinger band (399.51).

Supports and resistances

401.77 **

401.37 *

400.98 **

400.59

399.80 last

399.26

399.00 **

398.34 *

397.95 **

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