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EURHUF Closely Matches Notable Resistance and Bull Trigger at 385.77

HUF
  • Overall strength in the greenback and the uptick in US yields through the NY crossover continue to provide a headwind to the emerging market FX basket, consistently weighing on HUF throughout Tuesday trade.
  • The latest pressure on the forint has seen EURHUF closely match the notable resistance level at 385.77, the Dec 18 high. Seen as the bull trigger for the cross, a break above here would strengthen bullish conditions and initially open 387.38, the 61.8% retracement of the Sep 28 - Nov 14 bear leg.

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