| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Buy | Buy |
| RSI(14) | Neutral | Neutral | Sell |
| Stochastic(5;3;3) | Buy | Neutral | Sell |
| Alligator(13;8;5) | Sell | Buy | Buy |
| SAR(0.02;0.2) | Sell | Sell | Buy |
| Aggregate | ⇘ | ⇒ | ⇒ |
At the end of September, the EUR/HUF currency pair reached the upper boundary of the rising wedge pattern at the 336.00 mark. As apparent on the chart, the rate has already reversed south from the given line.
From a theoretical point of view, it is likely that some downside potential could prevail in the market, as the exchange rate should target the lower pattern line located in the 328.00/329.00 area.
However, this decline might not be immediate, as the European Common Currency could gain support of the monthly S1, the 200-period SMA (4H time-frame chart) and the Fibonacci 23.60% retracement at 330.00. If the given support holds, it is likely that a reversal north could occur. Important level to look out for is the Fibonacci 0.00% retracement at 336.09.