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EURHUF Records Fresh Intraday High as EM FX Continues to Face Pressure

HUF
  • EURHUF has broken through highs printed earlier in the session in recent trade, taking the day’s gains to 1.10% at the time of typing. The cross has traded higher for nine consecutive sessions with this week’s gains now standing at 2.30%. Surging US yields and decreasing risk appetite has hit EM FX hard, with the likes of ZAR, MXN and PLN all recording notable losses against the greenback and euro this week despite few domestic drivers.
  • Technical trend conditions in EURHUF remain bullish following this week’s climb and break of resistance at 389.26, the Jul 7 high. This has strengthened the current bullish theme and signals scope for a climb towards 394.22, the 76.4% retracement of the Mar 20 - Jun 12 low. Support to watch lies at 380.85, the 20-day EMA, though a short-term pullback would be considered corrective.
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