September 27, 2022 13:07 GMT
- EUR/HUF's initial rate hike move higher has now entirely reversed, with EUR/HUF back to trade circa 407.00 having printed lows of 404.52.
- This keeps the bullish outlook in EURHUF remains intact. Price has recently breached resistance at 405.03, the Sep 5 high and the break has strengthened a bullish case. This has opened the bull trigger at 416.89, the Jul 6 high. Key support is unchanged at 394.07, the Sep 8 low. A break would reinstate a bearish theme. The 50-day EMA, at 401.83, is first support.