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EURHUF Bounces Off Earlier Multi-Month Lows

HUF
HUF is underperforming its regional peers having been among the top performers in the EMEA space at the start of the session. EURHUF has since recorded a near 0.5% bounce off of its earlier lows as the broad risk-off tone across global markets hampers EM FX with the most recent uptick in the single currency unable to offer any reprieve to the HUF like it has done to PLN and ZAR.
  • Notably, CZKHUF earlier today reached its lowest level since June 14. A break of that level at 15.3087 would place the cross at an 18-month low. Both PLNHUF and CZKHUF are 0.16% firmer at typing.
  • In EURHUF, price is back above 378.24, the Aug 30 low. A sustained break of this level is needed to signal scope for a move lower toward 376.78, the Jul 25 low, and 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg. Topside resistance at 386.29, the Oct 25 high, remains some way off.
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