EUR/HUF remains under pressure after failing to reclaim the 200-day moving average. A rebound is testing the 399/400 resistance zone, but inability to break higher risks extending the decline toward 389.90 support, Société Générale’s FX analysts note.
Support seen near 389.90 if pullback extends
“EUR/HUF established a lower high near 411 in April and gradually settled below the 200-day moving average. It has experienced a steady pullback, recently marking an interim low around 391.70.”
“While a brief rebound has occurred, attention now turns to the multi-month descending trendline in the 399/400 area. Failure to break above this resistance may lead to a continued pullback. Downside projection near 389.90 could be an important support.”
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