EUR/HUF to extend its race higher towards the 391 mark – SocGen
|The Hungarian forint plummeted to a record low of 382/EUR, stretching losses to 8% in six days. Defending the upper limit of the previous range at 369.50 will be crucial for persistence in the up move towards next projections at 385.00 and 391.00, economists at Société Générale report.
Move below 369.50 to denote negation of the breakout
“EUR/HUF has broken out above the sideways consolidation since 2020 which points towards continuation in uptrend. This is also denoted by weekly MACD crossing above its trigger.”
“The pair is expected to head gradually higher towards next projections at 385.00 and 391.00.”
“Only a reintegration within the range i.e., a move below 369.50 would denote negation of the breakout.”
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.