EUR/HUF: Break of key resistance at 369.20/369.50 to open up the upside – SocGen
|EUR/HUF has evolved within a consolidation after facing resistance near 369.20/369.50 in April 2020. A break above here is needed to see another leg higher, economists at Société Générale report.
A struggle near October high of 367.00 points to a retracement
“The pattern resembles an ascending triangle which consists of a flat top and an up-sloping support line (now at 347.00). The formation highlights a lack of clear direction; a break above 369.20/369.50 will affirm the next leg of uptrend.”
“Short-term, the pair has struggled near October peak of 367.00. An initial pullback can’t be ruled out; 361.90 and the low formed this month at 358.00 are potential supports.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.