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.