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EURHUF Makes Slight Recovery as Markets Fade Tuesday CPI Move

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EURHUF has partially recovered some of yesterday’s US CPI-inspired sell-off, up 0.10% on the day at around 376.40. Today's price action places the forint close to the bottom of the EMEA FX pile, though the currency is outperforming the Czech koruna (PLNHUF: +0.30%: CZKHUF: -0.05%).

  • The fade off highs for the EUR is likely the primary catalyst behind the move, though concerns over winter energy security following a Bulgarian tax on Russian gas may be providing an addition headwind.
  • EURHUF has now made a clear break of 378.24, the Aug 30 low, strengthening the bearish theme and opening 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg. Initial resistance remains some way off at 380.40 – the 20-day EMA.
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EURHUF has partially recovered some of yesterday’s US CPI-inspired sell-off, up 0.10% on the day at around 376.40. Today's price action places the forint close to the bottom of the EMEA FX pile, though the currency is outperforming the Czech koruna (PLNHUF: +0.30%: CZKHUF: -0.05%).

  • The fade off highs for the EUR is likely the primary catalyst behind the move, though concerns over winter energy security following a Bulgarian tax on Russian gas may be providing an addition headwind.
  • EURHUF has now made a clear break of 378.24, the Aug 30 low, strengthening the bearish theme and opening 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg. Initial resistance remains some way off at 380.40 – the 20-day EMA.