EUR/HUF may rise 93 - 138 pips

400.60 is our pivot point.

Our preference

The upside prevails as long as 400.60 is support.

Alternative scenario

The downside breakout of 400.60 would call for 399.85 and 399.40.

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 trading above both its 20 and 50 period moving average (respectively at 400.19 and 399.93).

Supports and resistances

403.48 **

403.03 *

402.58 **

402.13

401.20 last

400.90

400.60 **

399.85 *

399.40 **

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