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EUR/HUF 1H Chart: Previous forecast at workThe previous forecast worked, however, the EUR/HUF exchange rate has not reached the Fibonacci 50.00% retracement at 320.26. Given that the currency pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair targets the lower boundary of a short-term descending channel located circa 319.90/320.00. Technical indicators for the short run also demonstrate that there is still some downside potential in the market. If given channel holds, a reverse north will occur and the pair will target the upper channel line located in the 321.00/321.50 range.
by UnknownUnicorn890690
EUR/HUF 1H Chart: Slight downside potentialThe Hungarian Forint has been appreciating against the Euro after the currency pair reversed from the upper boundary of a medium-term descending channel at 328.40. This movement has been bounded in a short-term ascending channel. Given that technical indicators still remain bearish in the short run, it is likely that a breakout from the junior channel occurs during the following days. A possible target is the Fibonacci 50.00% retracement at 320.21. This decline, however, should be short-lived, as the pair is located near the oversold territory. By the large, it is expected that the exchange rate continues its decline until the bottom of the senior-channel line is reached in the 315.00/317.00 area.
by UnknownUnicorn890690
EUR/HUF 1H Chart: Targets at 320.30The Euro has been depreciating against the Hungarian Forint gradually after the pair reversed from the upper boundary of a medium-term channel at 328.50. By the time of this analysis, the pair had breached the support level formed by a combination of the 55– an 100-hour SMAs at 324.72. The most common scenario for such case would be a surge downwards to the support cluster formed by a combination of the Fibonacci 50.00% retracement and the weekly S2 located circa 320.30. Also, an important level to look out for is the Fibonacci 38.20% retracement at 322.67.
by UnknownUnicorn890690
EUR/HUF 4H Chart: Junior pattern is brokenTwo notable developments have taken place on the charts of the EUR/HUF since the last review. First, the medium term ascending channel pattern, which guided the surge of the Euro against the Hungarian Florin in June, has been broken. Namely, the support line of the pattern was passed on Tuesday. Secondly, the momentum for the passing of the support level was given by the upper trend line of a massive scale ascending channel pattern, which was drawn on Tuesday. In regards to the short term future, the rate is expected to decline down to the 325.00 mark in the near future.
Short
by UnknownUnicorn890690
EUR/HUF 1H Chart: Surge after breakoutThe Euro continues to strengthen against the Hungarian Forint since hitting a medium-term channel at 317.00 early in June. This appreciation has been bounded in a more junior channel which has guided the pair out of the senior channel. At the time of this analysis, the Euro was testing the 327.00 mark – its highest level in several years. Technical indicators have been located in the overbought territory for two weeks, as well as they are starting to converge with the price level. These signals allow to make an assumption that a correction south could follow soon. Bullish gains should be capped near the monthly R3 at 330.00, thus allowing bears to dominate in the market for a week or two. The nearest support of significance is the 55– and 100-period (4H) SMAs and a channel line circa 322.00. Technical indicators on the 1D chart suggest that this decline might actually prevail for a longer period of time, thus setting the 3.16 level as a possible target for mid-August.
Short
by UnknownUnicorn890690
EUR/HUF 1H Chart: Change in sentiment expectedFollowing a reversal from the senior channel on March 18, the common European currency initiated a new wave up against the Hungarian Forint. Despite breaching a five-month trend-line near 313.50 two weeks ago, the pair did not accelerate but has since remained near this line. Given that technical indicators are starting to converge with the price movement on the four-hour chart, it is likely that the bears eventually prevail and thus push the pair lower. This scenario should be confirmed if the Euro breaches the 200-hour SMA at 314.50. Downside target is the monthly S1 and the senior channel at 311.00. In terms of the following trading days, the rate could still move slightly higher, as it is supported by the 55– and 100-hour SMAs, the monthly R1 and the weekly PP at 314.90. The nearest resistance is formed by the monthly R2 and the weekly R1 at 316.26.
Short
by UnknownUnicorn890690