EUR/HUF may rise to 397.06 - 400.19

Our pivot point stands at 385.47.

Our preference

Our next up target stands at 400.19.

Alternative scenario

The downside breakout of 385.47 would call for 380.23 and 377.11.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 386.80 and 389.86). Finally, the EUR/HUF is trading above its upper Bollinger band (standing at 390.77).

Supports and resistances

406.45 **

403.32 *

400.19 **

397.06

390.79 last

387.53

385.47 **

380.23 *

377.11 **

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