EUR/CNH may rise 156 - 156 pips

7.80 is our pivot point.

Our preference

Rebound towards 7.83.

Alternative scenario

The downside breakout of 7.80 would call for 7.79 and 7.79.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.82 and 7.84).

Supports and resistances

7.85 **

7.84 *

7.83 **

7.83

7.81 last

7.81

7.80 **

7.79 *

7.79 **

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