24 Mar 2015
EUR/HUF breaches 302.00 on MNB
FXStreet (Edinburgh) - The Hungarian forint is now picking up pace vs. the single currency, dragging EUR/HUF to lows in sub-302.00 levels.
EUR/HUF softer on MNB decision
The cross is depreciating following the decision by the Hungarian central bank (MNB) to cut the benchmark rate to 1.95% from 2.10%, broadly in line with market expectations.
The cross is navigating weekly lows and is trading closer to multi-month troughs in the 301.20 area, levels last seen in January 2014.
EUR/HUF important levels
The cross is now losing 0.57% at 301.86 with the next support at 301.25 (low Mar.19) ahead of 296.10 (low Dec.27 2013) and finally 291.80 (low Oct.23 2013). On the upside, the next hurdle aligns at 307.40 (high Mar.13) followed by 309.30 (high Mar.10) and then 309.55 (100-d MA).
EUR/HUF softer on MNB decision
The cross is depreciating following the decision by the Hungarian central bank (MNB) to cut the benchmark rate to 1.95% from 2.10%, broadly in line with market expectations.
The cross is navigating weekly lows and is trading closer to multi-month troughs in the 301.20 area, levels last seen in January 2014.
EUR/HUF important levels
The cross is now losing 0.57% at 301.86 with the next support at 301.25 (low Mar.19) ahead of 296.10 (low Dec.27 2013) and finally 291.80 (low Oct.23 2013). On the upside, the next hurdle aligns at 307.40 (high Mar.13) followed by 309.30 (high Mar.10) and then 309.55 (100-d MA).