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EURHUF Recovers After Briefly Testing Support at 50-Day EMA

HUF
EURHUF has recovered from its earlier low of 382.35, where it closely matched both Thursday’s low and support at the 50-day EMA. Note that a break of this average is needed to highlight a bearish reversal with the recent pullback so far considered technically corrective. Further out, 378.59, the Jan 16 low, is the next support level to watch.
  • Despite today’s moderate move higher, EURHUF sits around 1.75% below the pre-NBH highs. The smaller-than-expected rate cut on Tuesday as well as signs of easing political risk following the conclusion of Thursday’s EU summit have both lent support to the forint. With no economic releases left on the local data slate, attention turns to the US payrolls report this afternoon.

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