Forint Sits at Bottom of EMEA Pile, EURHUF Conditions Still Bearish

EURHUF has continued to trade with a steady upward bias Friday morning, with the cross up 0.25% on the day, last showing above the 380.00 handle. Price action today places the forint at the bottom of the EMEA FX pile (PLNHUF: +0.15%; CZKHUF: +0.30%). Nevertheless, the forint is marginally stronger against the euro on the week overall, while USDHUF is a more pronounced 1.87% lower on the week.

• From a technical standpoint, a broader bearish theme in EURHUF remains intact following this week’s move lower from 383.55, Tuesday’s high. A continuation lower would expose key support at 375.62, the Nov 14 low, and a clearance of this level would resume the downtrend and open 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg.