EUR/HUF slides toward key 383 support – Société Générale
|EUR/HUF continues its steady decline, with the pair drifting toward the crucial 383/382 support zone at the base of its descending channel, Société Générale's FX analysts note.
EUR/HUF rebound hinges on 383/382 hold
"EUR/HUF gave up the 50-DMA in May resulting in a steady decline. In this phase of down move, it has consistently struggled to overcome the moving average."
"The pair is drifting towards the lower limit of a multi-month descending channel at 383/382, which could be an interim support. Defence of 383/382 may trigger a brief rebound. However, the 50-DMA near 390 must be overcome to confirm an extended up move."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.