EUR/HUF to slip towards the 2019-2021 uptrend line at 355.82 – Commerzbank

The EUR/HUF pair targets the October-to-February lows at 355.82/353.04 which are expected to offer support, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank. 

Support is seen at 355.82/353.04

“EUR/HUF topped out at its 369.22 March high, made very close to the 369.28/53 April and October 2020 peaks, before rapidly coming off and slipping through the 2020-2021 uptrend line and 200 day moving average at 358.84/46 with the October-to-February lows as well as the 2019-2021 uptrend line at 355.82/353.04 thus being in focus. This support area is expected to hold. If not, however, we would have to allow for the April 2020 low at 349.13 to be reached.” 

“Further down lies significant support between the June and July 2020 lows at 343.63/04.” “Immediate downside pressure should prevail while the currency pair remains below the 55-day moving average and the late January high at 361.28/52. Above this zone sits the December peak at 365.40 and major resistance at 369.22/28, the October and March highs.”