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The EUR/HUF pair targets the October-to-February lows at 355.82/353.04 which are expected to offer support, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.  

Support is seen at 355.82/353.04

“EUR/HUF topped out at its 369.22 March high, made very close to the 369.28/53 April and October 2020 peaks, before rapidly coming off and slipping through the 2020-2021 uptrend line and 200 day moving average at 358.84/46 with the October-to-February lows as well as the 2019-2021 uptrend line at 355.82/353.04 thus being in focus. This support area is expected to hold. If not, however, we would have to allow for the April 2020 low at 349.13 to be reached.”  

“Further down lies significant support between the June and July 2020 lows at 343.63/04.” “Immediate downside pressure should prevail while the currency pair remains below the 55-day moving average and the late January high at 361.28/52. Above this zone sits the December peak at 365.40 and major resistance at 369.22/28, the October and March highs.”

 

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