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EUR/HUF flirting with highs post-NBH

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Hungarian forint is depreciating further vs. the single currency, now lifting EUR/HUF to the boundaries of 312.90.

    EUR/HUF stronger on steady NBH

    The cross has gained further momentum after the Hungarian central bank (NBH) has left unchanged its benchmark rate at 1.35% at today’s meeting, as universally expected.

    In the meantime, the cross is rebounding strongly from yesterday’s weekly lows in the mid-310.00s, along with a pick up in the risk-associated space.

    EUR/HUF levels to consider

    At the moment the cross is advancing 0.21% at 312.70 and a surpass of 313.12 (100-day sma) would expose 313.94 (55-day sma) and then 314.98 (61.8% Fibo of 319.27-310.69). On the flip side, the immediate support aligns at 310.69 (low Jan.25) ahead of 309.01 (low Dec.3) and finally 308.43 (low Nov.20).
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