EUR/CNH may rise 215 - 315 pips

Our pivot point is at 7.79.

Our preference

As long as 7.79 is support look for 7.83.

Alternative scenario

The downside breakout of 7.79 would call for 7.77 and 7.76.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (7.80) but above its 50 period moving average (7.80).

Supports and resistances

7.84 **

7.83 *

7.83 **

7.82

7.80 last

7.79

7.79 **

7.77 *

7.76 **

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