EUR/HUF Head and Shoulders + .618 Retracement On DailyThis setup is also on the right shoulder of an even bigger head and shoulders pattern.
EURHUF trade ideas
H&S with 311 neckline?- Ichimoku setup has minor bullish bias, but
- Heikin-Ashi quantification tools (haDelta+ and haOscillator) signal possible momentum weakness and reversal at 313 key level
- If price cannot break above 313,50, it may develop a Head and Shoulders pattern -> neckline and also Kumo supp/res is at 311,05
- In case of a sell signal and a 311 brealdown confirmation, price target would be 307-308.
As this cross has been moving in 307-314 range for quite a long time, it seems to be a better RR here to sell it anyway. Watch and get ready!
EURHUF long to 316.43...EURHUF long to 316.43. The exchange rate can create a double-raised rising wave. This first wave may rise to 316.43. Then I expect a correction. The bottom of the correction is 311.72. Then the second wave waveform of the double-wave wave may develop. For this purpose, level 320.32.
Short-Term Trade on The EURO/HUNGARIAN FORINTIn this short-term scenario, the selling trend is quite clear. The price broke the support line that has kept it in the last 10 days. With this bullish movement we can clonclude that the price will start a correction to then go long and touch the interest red zone.
Like as i mentioned before it is a short-term trade and the bias remains bearish.
This is not a pair I usualy trade because of the highs spreads.
This market analysis is just a investment idea, the same shouldn't be taken as a financial counseling without risk envolved.
CFD´s are very complex financial products that can result on the loss of most capital invested
EURHUF in uptrend to the top EURHUF stil in Uptrend.
Good Entry is at 313.274
TP at 315.194
315.194 is a important point.
If it breaks trough the top, it could move further to 318.033
If it only touches this top, you can go short till 307
EURHUF started corrective action...EURHUF started corrective action. Correction level of exchange rate 308.8 HUF Up to now we expect the end of decreasing movement. Then again, climb to the 312.96 level. Then repeat correction. The wave for movement is 315,14 HUF
EURHUF correction follows...EURHUF correction follows. The exchange rate can be adjusted up to 309.3 HUF. Then the second wave of motion can move. For the next increase, the environment of 313.4 HUF.
EURHUF similarly performs corrective movements ...EURHUF similarly performs corrective movements for other forint pairs. The size of the correction is the size of the last weakening wave. In this case, the exchange rate of the forint may rise to 308.40 against the euro. Then we expect the next stage of the wave of amplification that we have started. In the first half, half a wave, for which purpose is 314.26 level, but in the distant future it is highly likely to form a whole wave, for which purpose it can be 319.25 HUF.
The EURHUF exchange rate has come to a correction level...The EURHUF exchange rate has come to a correction level. In the current movement I expect a quarter-wave correction. This means that I expect to adjust the exchange rate to the level of 309.5 HUF. Then thereafter a repeated ascending wave. The next rising wave may be equal to the size of the previous wave. If the assumption is correct, the exchange rate for the primary purpose is HUF 314.2.
Take profit on longs, buy lower again- Ichimoku is bullish, but price got a bit far above equilibrium level (distance from Kijun Sen)
- Heikin-Ashi candle is bullish, but watch out for haDelta+ and haOscillator: both cross down and both shows negative momentum divergence
- Price is also at trendline resistance, and weekly Kumo resistance. If you check, weekly haOscillator, also looks topish.
- Bullish EWO reaches extreme high.
Take profit on longs now, a local top may form. If market retraces to Kijun, look for a buy signals again (should be around 308).
Alternatively you can also look at USDHUF.
EURHUF 305 level correction is then a long entry...EURHUF 305 level correction is then a long entry. Correction starts at the EURHUF exchange rate. This correction will be half-wave size. After reaching the correction level, the exchange rate rises. This will be 315 HUF for the purpose of this larger wave movement.
NBH verbal interventionThey started to worry about recent HUF strength, so they launched a verbal intervention today (without mentionning FX target NBH announced they are ready to deploy more non-conventional tools in case they see a threat to their inflation target -> Translation: if EURHUF goes lower, inflation target is in danger + some problem on reserves end of year valuation if it goes below 300-302). Yields down, and EURHUF slightly up from 302 low. Will it reverse? Not sure, but few technical signals suggest drop may come to an end.
- Ichimoku is bearish, bearish key supports are at 304 and 306.
- Heikin-Ashi is less bearish: candle today has long wicks, and haOscillator crossed up. -> some indecision
- Possible bullish wedge being formed
- MACD is bearish. EWO is bearish too, here we have to watch if starts to show bullish divergence.
Strategy: My original target was 295-300 range. But now I see it's better start reducing HUF exposure.
Cut all shorts above 304 and/or open initial swing long positions. Go long above 306.
The Hungarian forint is technically strong enough...The Hungarian forint is technically strong enough, but we are now expecting some weakening. Therefore we are launching a EURHUF long from the 302,48 level. Our primary target price is 308,43. However, we expected a back correction of 370,36.
EURHUF D1 long tradingIt is worth examining the exchange rate rate of the Hungarian payment instrument. In our opinion, there is a significant movement. A triangle surronded by ATR lines is expected upwards up to the 313,91 exhange rate. For this it is necessary to create a waveform in the 308,51 bounded field. If this happens, we expect signifikant movement from the correction point to the target price.
Weekly with Median LineWe are monitoring the upper parallel resistance zone that looks to be working nicely. Update in case of EURHUF back below 306.5 Detail here
EURHUF holds bearish biasWeekly:
- Price is still within simmetric triangle
- Ichimoku is neutral
- Heikin-Asi bearish momentum is picking up
- Resistance around 307
Daily:
- Ichimoku is neutral (minor bearish bias)
- Heikin-Ashi is bearish
- First TP on shorts recommended aound 308,50+
Strategy: Should it drop further, get ready for profit taking! In case it spikes o 310,80-312, look for a sell signal there.
