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EURPLN Bounces After Test of Key Support; EURHUF Extends Post-NBH Rally

CEE FX
  • Additional topside momentum in EURHUF sees the cross narrow the gap to the early August/late September highs of 394.67/394.65, bringing total post-NBH gains to around 1%. Meanwhile, USDHUF is up 0.85% on the day and just above the mid-Feb YTD high. Our review of yesterday’s NBH decision can be found here.
  • Having fallen just 8pips shy of key support at 4.2935, the Dec 13 low, EURPLN has bounced 0.55% off its intraday low. Clearance of the key support level would place the cross at its lowest level in close to 3-years and would confirm a resumption of the downtrend that started in September last year, opening 4.2371.
  • EURCZK is up 0.2% on the day, though ranges remain narrow with today’s price action contained within yesterday's extremes. Bulls will look for a move toward the Feb 15 high of 25.519, a break of which would place the cross at a 2-year high.
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