EUR/HUF rebounds from key support zone – Société Générale
Source Fxstreet
EUR/HUF has staged a strong rebound after touching the lower end of its multi-month range near 386. The pair is now testing the 50-day moving average, a key resistance that has limited gains since June, Société Générale's FX analysts note.
Forint faces pressure as Euro tests 50-DMA
"EUR/HUF has experienced a sharp bounce after approaching the lower limit of a multi-month channel and projections near 386. It is challenging the 50-DMA; this moving average has capped previous rally attempts since June and may result in a brief pause."
"The daily MACD has been posting positive divergence, highlighting receding downward momentum. Defence of last week’s high near 391/390.50 could result in the persistence of upward move. The next hurdle could be located at the March lows near 397."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December.
OpenAI went into early talks to discuss the secondary sale of shares to former and current employees, raising its valuation to $500B.
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
Silver price (XAG/USD) holds onto gains near Thursday’s high around $49.00 during the Asian trading session on Friday.
Related Instrument
