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EURHUF: Rally Extends

HUNGARY

The cross is extending this week's gains and today has traded through a key resistance at 362.63/64, the Nov 18/27 highs.

  • With momentum studies pointing north, attention turns to 363.38 and 365.62, Fibonacci retracements.
  • A break of the latter would open 369.25/54, Oct 29 and Apr 1 high respectively. This area represents a primary resistance.
  • On the downside, initial support is at 360.50, Dec 22 low.
  • Resistance levels ahead:
    • RES 1: 363.38 61.8% retracement of the Oct 29 - Nov 12 sell-off
    • RES 2: 365.62 76.4% retracement of the Oct 29 - Nov 12 sell-off
    • RES 3: 369.25 High Oct 29 and bull trigger

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