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EURHUF Approaching 38.2% Fibo Support

HUNGARY
  • EURHUF has been consolidating lower in the past two days after finding resistance slightly above the 400 level yesterday.
  • We previously saw that the ease in risk aversion (i.e. weaker USD) particularly following the lower than expected US CPI print yesterday could support CEE currencies, especially HUF, which is currently trading significantly below its ‘fundamental’ value.
  • ST key support to watch on the downside stands at 392.25, the 38.2% Fibo retracement of the 352.40 – 416.90 range.
  • Next level to watch on the downside stands at 389.60 (100DMA).

Source: Bloomberg

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