EUR/HUF may rise 94 - 137 pips

Our pivot point stands at 400.68.

Our preference

The upside prevails as long as 400.68 is support.

Alternative scenario

Below 400.68, expect 399.96 and 399.54.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (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 400.29 and 400.23).

Supports and resistances

403.76 **

403.33 *

402.90 **

402.47

401.53 last

400.97

400.68 **

399.96 *

399.54 **

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