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EUR/HUF Rejects 359, May Pull Back to 200dma

HUNGARY
  • Local rates open mostly flat after bull flattening is yesterday's session. 10Y seems to be most favoured, with the 20Y still yet to confirm a break of its established uptrend.
  • EUR/HUF trading lower at the open after failing to close above the 3.59 handle to form a bearish inverted hammer candle on the daily chart beneath the 50dma.
  • This increases the likelihood that we may see the prior upside move reversed as the pair pulls back towards the 200dma around 355.60.
  • Sell-side quite bullish HUF fundamentals and would like to see the cross closer to 350-355. Sup1: 356.74, Sup2: 355.80, Res1: 358.35, Res2: 359.29
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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