We are expecting EURHUF to go down. Check the chart for more info
The Hungarian forint is deep trouble. The HUF lost all its strength following the crash of the Hungarian Manufacturing PMI. Following the record low data from the said report, bulls immediately took advantage, forcing the EURHUF pair higher. Aside from the crucial data, the forint fell to its weakest levels due to the global risk-off sentiment. Unfortunately for...
The pair bounced back from a key support line, sending the pair higher towards its previous high. The Nemzeti Bank, Hungary’s central bank, hold onto its current benchmark interest rate of 0.90%. This was despite investors’ concern on Hungary’s surging inflation. Hungary is one of the fastest growing economies in the European Union. However, the country also holds...
The pair will reverse back in the following days towards a key support line. The UK, 5th largest economy in the world and 2nd in Europe, officially withdraw from the EU on January 31. Brexit Party leader Nigel Farage predict the collapse of the European Union in ten (10) years. The comment came on his last day in the EU Parliament, just two (2) days before the UK...
i would say buy when price hits 334.060 Day Chart
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The pair has been trading on a very strong and steady 1W Channel Up since April and has just hit the Higher Low supporting trend line (RSI = 53.917, MACD = 2.461, ADX = 44.042, Highs/Lows = 0.0000). This makes it an automatic buy opportunity for us, especially since the RSI on the 1D time frame nearly hit 30.000 and rebounded. Our Target Zone is 338.000 -...
EURHUF reached a new historic high. I trade now the correction, target the last Resistance. RSI confirm the forecast.
The Hungarian forint recently created new lows against the euro. Seeing as the move is overextended I will be waiting for a major breakout, retest and then continuation to the downside respectively to decide the trading position for me. Daily is still bullish so I will prefer a very bearish daily candle before I decide to slide down with price action.
Pattern: Channel Up on 1D. Signal: Bearish as the price is approaching the 1W Resistance Zone. Target: 320.00 (1D Support).
I think the Hungarian Forint strengthening against Euro, and the price is at very high level, so this is a good entry for open short positions on EUR/HUF pair
EURHUF short intraday trade setup
I do not change the basic findings of my previous analysis. I only modify the path of movement. The EURHUF exchange rate builds on a second fractal. Wave theory can be used to end a correction wave of a double wave structure. If the analysis is correct, the exchange rate may start to fall from near current levels. Target price 317,6 HUF
In the movement of the exchange rate, a picture of an evolving fractal wave can be seen. The percentage of movements identified so far is 1: 1 fractal. If this theory continues, the exchange rate may weaken from the current level to 2.5%. In other words, the Hungarian forint can start to gain 2.5%. The target price of the Hungarian Forint is 314.64 HUF
The exchange builds on the second rising wave structure. This wave structure may be the second member of the first fractal structure (yellow rectangle). If the analysis is correct, the target price increase is 328.34 Huf.
Pattern: Channel Down on 1W. Signal: Bearish after a Lower High was made near 323.000. Target: (A) 319.000, (B) 317.350.