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EURHUF Resistance at 50-Day EMA Well-Respected

HUF
EURHUF eased of its intraday highs of 382.08 – a level which closely matches where the 50-day EMA intersects today. With only unemployment data left on the docket for the remainder of the week, price action continues to be driven by major global themes. Lower UST yields and moderate strength across the major equity benchmarks is providing support to wider EM FX, though moderate single currency weakness may also be weighing at the margin.
  • In EURHUF, the latest recovery is still deemed technically corrective, bolstered by the cross respecting the 50-day EMA, the break of which in mid-October marked the start of a bearish move lower. Price pierced, but did not close, above that level on two instances at the end of October. A close above would therefore undermine the bearish theme and signal scope for an extension higher toward 386.29, the Oct 25 high.

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