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HUF: USD Fade Takes Sting Out of EUR/HUF Rally

HUF
  • The greenback's fade off session highs has provided some relief for EUR/HUF, and taken the sting out of the intraday rally. EUR/HUF's rally off lows amounted to ~0.75% at the high of 388.14, stopping just short of the Friday high and containing any further breakout. 
  • Today's price action sees HUF following the EM tide, however it has underperformed PLN and CZK somewhat, and is the poorest performing currency due to the HUF's solid outperformance over the course of May, and having printed a new cycle high against the EUR earlier in the week. 
  • Overall, bearish conditions remain and the recent breach of support at 388.34, the Apr 5 low, is supported by moving average studies crossing into bear-mode position, highlighting a downtrend. The focus is on 382.34, the Feb 1 low. 
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