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

FXStreet Insights Team FXStreet

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.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD remains in two-day highs around 1.3260

GBP/USD adds to Friday’s bounce, gathering fresh traction and flirting with the 1.3270 zone on Monday, or two-day tops. Cable’s decent advance comes despite the move higher in the Greenback and investors’ assessing of UK PM K. Starmer's resignation.

EUR/USD remains close to three-month lows near 1.1450

EUR/USD sets aside Friday’s bounce and trades with modest losses in the mid-1.1400s at the beginning of the week. The continuation of the bid bias in the US Dollar continues to weigh on spot despite improving sentiment from the geopolitical front.

Gold bounces off lows, looks to surpass $4,200

Gold regains composure and leaves behind three-consecutive daily declines on Monday, looking to regain the area above the $4,200 mark per troy ounce. Reports of progress in the latest round of US-Iran talks are helping the precious metal maintain its footing at the start of the week, although the stronger Greenback seems to limit the upside potential for now.

Breaking: Iran closes the Strait of Hormuz amid ceasefire deal violation

Iran says it is closing the Strait of Hormuz after accusing the United States (US) and Israel of violating the ceasefire. According to Iran, the decision came over the continued Israeli strikes in Lebanon. The Iranian Revolutionary Guard Corps Navy issued a warning to all vessels: "Do not approach the Strait of Hormuz; otherwise, your security will be jeopardized."

Is Shiba Inu dead or just in a crisis? The data behind SHIB's 95% crash

SHIB, the dog-themed meme coin that became one of the biggest success stories in crypto and turned early buyers into crypto millionaires, is facing tough times. Its price has fallen more than 32% so far this year, and it is down 95% from its all-time high in 2021. Is SHIB simply another fading meme coin, or is the market overlooking a possible recovery story?

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.