EUR/HUF may fall 218 - 280 pips

Our pivot point stands at 397.04.

Our preference

Under pressure below 397.04.

Alternative scenario

The upside breakout of 397.04, would call for 398.09 and 398.71.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 395.94 and 395.78).

Supports and resistances

398.71 **

398.09 *

397.04 **

396.63

395.72 last

393.54

392.92 **

392.30 *

391.68 **

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