EUR/HUF may rise to 407.38 - 410.12

Our pivot point stands at 397.69.

Our preference

The upside prevails as long as 397.69 is support.

Alternative scenario

The downside breakout of 397.69 would call for 393.10 and 390.37.

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 396.48 and 395.15).

Supports and resistances

415.60 **

412.86 *

410.12 **

407.38

401.48 last

399.50

397.69 **

393.10 *

390.37 **

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