EUR/HUF 1H Chart: Some downside potential could prevail - Trade Pattern Ideas - Dukascopy Bank

Tue, 12 May 2020 11:36:04 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)BuySellSell
Aggregate

The Euro has been depreciating gradually against the Hungarian Forint since the beginning of April. The EUR/HUF currency pair has already declined below 355.00.  

Note that the exchange rate is pressured by the 100– and 200-hour moving averages in the 350.00/354.00 area. Thus, some downside potential could continue to prevail in the market. 

In this case the rate could gain support from the monthly S1 at 345.31. If the given support level holds, it is likely that a reversal north could occur, and the rate could try to exceed the monthly R1 at 365.92.


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