EUR/HUF may rise to 404.74 - 409.05

Our pivot point is at 389.42.

Our preference

The upside prevails as long as 389.42 is support.

Alternative scenario

The downside breakout of 389.42 would call for 382.20 and 377.91.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 390.49 and 390.13).

Supports and resistances

417.67 **

413.36 *

409.05 **

404.74

395.85 last

392.26

389.42 **

382.20 *

377.91 **

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