EUR/RON may rise 19 - 28 pips

Our pivot point is at 4.9740.

Our preference

Look for a drop towards 4.9740 before a bounce.

Alternative scenario

The downside breakout of 4.9740 would call for 4.9725 and 4.9715.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 4.9751 and 4.9752).

Supports and resistances

4.9800 **

4.9790 *

4.9781 **

4.9772

4.9753 last

4.9747

4.9740 **

4.9725 *

4.9715 **

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