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EUR/HUF Maintains Downside Momentum, Eyes 350 Support Below

HUNGARY
  • EUR/HUF opens -0.18% this morning, tracking early weakness in the EUR.
  • The cross remains within its broad downtrend as the NBH continues to tighten policy to combat rising inflationary dynamics as traders chase central bank divergences in CEE.
  • The cross remains in bear mode, with price action now definitively below the 50dma and the RSI still short of oversold territory on the daily chart.
  • 350 psychological support looks to be the next downside target and may prove somewhat sticky, but with expectations for more tightening from the NBH, HUF should retain its firm bias into next week.
  • Intraday Sup1: 351.48, Sup2: 349.62, Res1: 352.68, Res2: 354.18
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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