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Flat-Sided Triangle Pattern Builds on EUR/HUF

HUNGARY
  • EUR/HUF pares early weakness after failing to confirm a break above 359.18 resistance.
  • Cross remains capped by the 50dma at 358.85, with daily price action pulling back to close below on 5 consecutive attempts.
  • Also interestingly, seeing a flat sided triangle pattern appearing on shorter-term time frames drawn off the 02 Feb low, with a breakout on either side of the pattern signalling a more decisive near-term direction.
  • Downside breakout will look to target 355.80 - 354.70, while a topside break through 359.18 may look to reach 360.68-361.48.
  • Intraday Sup1: 358.14, Sup2: 357.50, Res1: 359.18, Res2: 360.66
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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