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.”
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