EUR/HUF: Downtrend extends with targets at 352/350 – Societe Generale

Societe Generale analysts highlight a steep EUR/HUF decline after failing to hold above the 200‑day moving average in March and breaking April’s low. They describe a stretched move with MACD deeply negative but no rebound signals yet, pointing to next downside objectives at 352/350, while flagging 368 as interim resistance on any short‑term recovery.

Forint strength drives extended Euro losses

"EUR/HUF fell below 360 for the first time in four years after strong March activity data. Industrial production surged 3.7% yoy against expectations of a decline, while retail sales rose 8.2% yoy. Inflation rose to 2.1% in April from 1.8% in March."

"PM-elect Magyar warned that new budget projections imply a 6.8% of GDP deficit this year versus a 3.9% official target and a 5% revised goal, prompting calls from MNB Governor Varga and Deputy Governor Kurali for fiscal discipline."

"EUR/HUF has experienced a steep decline after failure to establish beyond the 200-DMA in March. The downtrend has further extended after break below the low of April."

"Daily MACD is within deep negative territory highlighting a stretched down move however signals of a rebound are not yet visible."

"Next objectives could be located at projections of 352/350. Should a short-term rebound develop, recent pivot high around 368 may serve as an interim resistance."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)