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EURHUF Continues To Trade Below the 400 Key Resistance

  • EURHUF ticks lower and continues to trade below the 400 threshold after consolidating sharply lower last week as Hungary steps up efforts to unlock EU funds that have been blocked over the Rule of Law dispute.
  • ST key support to watch on the downside stands at 392.30, which corresponds to the 38.2% Fibo retracement of the 352.40 – 416.90 range.
  • On the topside, resistance to watch stands at 400.
  • Last week, economic data showed that inflation accelerated to 15.6% in August (less than 15.9% Exp.), up from 13.7% the previous month.

Source: Bloomberg/MNI

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