EUR/HUF to move back towards the 353.49/351.04 zone – Commerzbank

EUR/HUF probably topped out at its 361.26 September high and is to slide back towards the 353.49/351.04 region, in the view of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

More downside is probably on the cards

“EUR/HUF probably topped out at 361.26 last week, not far below the 362.48 July high, by forming a key day reversal and slipping back to the 200-day moving average at 356.67.” 

“The next lower 55-day moving average at 353.49 is expected to also be reached in the days to come as well as the late August and early September highs at 351.46/04. Further down lies the September low at 346.59 and the June low at 345.06, a fall through which would eye the 343.63/04 area, made up of the June and July 2020 lows.” 

“Resistance above the July and September highs at 361.26/362.48 is found at the April peak at 364.57. These levels we do not expect to be reached anytime soon and instead more downside is probably on the cards.”