EUR/HUF faces key resistance at 399/400 – Société Générale
Source Fxstreet
EUR/HUF remains under pressure after failing to reclaim the 200-day moving average. A rebound is testing the 399/400 resistance zone, but inability to break higher risks extending the decline toward 389.90 support, Société Générale's FX analysts note.
Support seen near 389.90 if pullback extends
"EUR/HUF established a lower high near 411 in April and gradually settled below the 200-day moving average. It has experienced a steady pullback, recently marking an interim low around 391.70."
"While a brief rebound has occurred, attention now turns to the multi-month descending trendline in the 399/400 area. Failure to break above this resistance may lead to a continued pullback. Downside projection near 389.90 could be an important support."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Gold (XAU/USD) is prolonging its recent record-setting rally and building on the momentum beyond the $4,000 psychological mark during the Asian session on Wednesday.
The US benchmark West Texas Intermediate Oil is posting moderate gains on Friday, trading at $61.00.
The AUD gains amid easing bets supporting interest rate cuts by the RBA in the policy meeting in November.
Tesla’s stock took a rollercoaster ride: shares surged more than 4% in pre-market trading, only to reverse sharply after the open and close down over 5%.
Copper prices rose for the third consecutive session on Friday and are set for a weekly gain.
Related Instrument
