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EURHUF Pierces 383.00, Bullish Theme Remains Intact

HUF

EURHUF has pierced the 383.00 handle in recent trade, despite lower US yields and broad single currency strength. Moves are likely being exacerbated by thin holiday liquidity with no notable local drivers or data releases. The forint is underperforming versus the Polish zloty, though the Czech koruna is the notable laggard in the CE3 region (PLNHUF: +0.17%; CZKHUF: -0.50%).

  • Previously noted EURHUF technical levels remain in play – initial resistance is at 383.55, a break of which earlier this month strengthened the bullish theme. A continuation higher would open 386.29, the Oct 25 high, and 389.20, the Oct 9 high. Key short-term support has been defined at 378.22, the Dec 14 low.

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