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EUR/HUF Techs Tentatively Bearish; NBP In Focus

HUNGARY
  • EUR/HUF pares the initial move lower, to hold just above 359 after the NBH announced a sizable expansion to its corporate debt buying programme during yesterday's session.
  • Focus today will be on the NBP and discussion of FX intervention, which injected some volatility into HUF crosses back in late December.
  • EUR/HUF closed below the 50dma yesterday in a big bearish engulfing pattern that typically signals more downside in the pipeline.
  • RSI also holding below 50 mark at 46.2 (bearish).
  • Res1: 359.15, Res2: 359.74, Res3: 360.71, Sup1: 358.14, Sup2: 357.32
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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