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EURHUF Pierces This Week's Highs Amid Thin Liquidity

HUF
Noting a moderate uptick in EURHUF in recent trade. The cross last deals around 384.00, and has pierced this week's earlier highs. No headline driver though moves are likely being exacerbated by thin liquidity amid the national holiday and broader single currency weakness.
  • The recent recovery is a potential bullish development and suggests that the bear leg between Sep 28 - Oct 24, is over. If correct, this highlights a stronger reversal and potential for a continuation higher. The focus is on resistance at 389.20, the Oct 9 high. A break of this level would expose key resistance at 394.67, the Aug 3 high.

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