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EURHUF Reapproaches Yesterday’s High

HUF
  • EURHUF is reapproaching yesterday’s high of 382.07, despite a slightly firmer showing among the major European equities as well an extension of the pullback in the USD index from yesterday’s highs.
  • Forint weakness places the currency close to the bottom of the EMEA FX pile ahead of a vote from the European Parliament on matters surrounding frozen EU funds (see more in earlier post).
  • EURHUF remains above the 50-day EMA, an average which intersects today at 380.79. A sustained break of this level is needed to signal a stronger reversal of the bear leg that started early this year. For bulls, 384.10, the early January high, is the next topside focus ahead of the mid-December highs at 385.77.
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