The Hungarian forint plummeted to a record low of 382/EUR, stretching losses to 8% in six days. Defending the upper limit of the previous range at 369.50 will be crucial for persistence in the up move towards next projections at 385.00 and 391.00, economists at Société Générale report.
Move below 369.50 to denote negation of the breakout
“EUR/HUF has broken out above the sideways consolidation since 2020 which points towards continuation in uptrend. This is also denoted by weekly MACD crossing above its trigger.”
“The pair is expected to head gradually higher towards next projections at 385.00 and 391.00.”
“Only a reintegration within the range i.e., a move below 369.50 would denote negation of the breakout.”