EUR/CZK may rise 54 - 79 pips

24.687 is our pivot point.

Our preference

The upside prevails as long as 24.687 is support.

Alternative scenario

The downside breakout of 24.687 would call for 24.645 and 24.619.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 24.636 and 24.627). Finally, the EUR/CZK has crossed above its upper Bollinger band (24.712).

Supports and resistances

24.859 **

24.834 *

24.808 **

24.783

24.729 last

24.703

24.687 **

24.645 *

24.619 **

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