EUR/HUF may rise 102 - 148 pips

Our pivot point stands at 390.32.

Our preference

The upside prevails as long as 390.32 is support.

Alternative scenario

The downside breakout of 390.32 would call for 389.56 and 389.11.

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 trading above both its 20 and 50 period moving average (respectively at 390.12 and 390.34). Finally, the EUR/HUF is trading above its upper Bollinger band (standing at 390.89).

Supports and resistances

393.49 **

393.04 *

392.59 **

392.13

391.11 last

390.62

390.32 **

389.56 *

389.11 **

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