Home Forex EUR/HUF to witness rebound towards 426 on break above 416 – SocGen

EUR/HUF to witness rebound towards 426 on break above 416 – SocGen

by SuperiorInvest

EUR/HUF stabilized around 410 after pulling back from 434 to below 400. A break above 416 is needed to avoid range action, Société Générale economists report.

There are no signs of a major downtrend yet

“Signals of a major downtrend are not yet visible; The 200-DMA near 394/391 should be an important area of ​​support.

“Short-term price action could remain range-bound with an upper band near the 416 graphic levels, which represents the July high. If this can be overcome, the pair is expected to witness a bounce towards 426, which is the 76.4% retracement of the recent move down, and possibly even towards 434.

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