EUR/HUF 1H Chart: Downside potential

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)BuyNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate⇘⇘⇘

[ANNOUNCE] The EUR/HUF exchange rate has been declining since the middle of February when it reversed south from the Fibonacci 50.00% retracement at 320.26. [/ANNOUNCE] 

Given that the currency pair is being pressured by the 55-, 100– and 200-hour SMAs, it is likely that bears prevail in the market. Most likely, the rate reaches the lower boundary of the long-term descending channel located circa 313.00. If given channel holds, a reversal north occurs within following sessions.  

If given channel does not hold, it is expected that the pair targets the Fibonacci 100.00% retracement at 310.05.

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