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EURHUF Steadily Reversing Lower

HUNGARY
EURHUF (-1.25%) steadily reversing lower as markets further stabilise and improved risk sentiment bolsters the Forint recovery. This places HUF comfortably at the top of the CEEMEA scorecard (EURPLN: +0.05%, EURCZK: +0.02%).
  • Price is approaching the 50-day EMA - at 387.54 - a move back towards the highs would focus in on 400.00 and 401.20, the Jan 17 high.
  • On the downside, key support and the bear trigger remain defined at 372.38, the Mar 1 low. Initial support is at 382.45, the 20-day EMA.
  • Little in the way of domestic risk events scheduled this week with Thursday’s ECB rate decision to take focus. Note the Budapest Stock Index is closed tomorrow as Hungary celebrates its National Day.

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