Sorry for being too long and too much fundamental, but this points to one thing again: greed rules everywhere now, investors, global realmoney and hedge fund managers lost their mind. Eveybody underestimates risks eveywhere, markets have become ignorant all around. Everybody is just chasing performance, yields, while they should realise by now, that at current pricing levels nothing is really attractive compared to risks (neither stocks, nor EU periferia or emerging bonds, etc). Actually there is no real alternative cost by now, and that means one thing: cash is king.
And now back to technicals:
Seems EURHUF has built a kind of base between 304-305,5.
Daily: price got blocked slightly below the Kumo at this horizontal key support. Slow (which is still,very reliable indicator on EURHUF ) is about to give a buy signal.
4 Hrs: a trend break is very close, price can easily make a Kijun Sen cross, which will be likely followed by a weak Tenkan/Kijun cross too. DMI also supports a correctiive reversal.
I really doubt HUF could be resistent further to risk off sentiment. And I also have a feeling that yesterdays reluctant price action suggests everybody is loaded with HUF , so mkt positionning is short EURHUF and short USDHUF now.
I already bought some yesterday, and I think I will add to longs now. First target is 310.
The setup is still bullish on 4 Hrs time frame, with some pull back chance to 307 level. There I will buy that 1/3 position size back again. On the daily time frame price is trading in the thick Kumo. Real problem for HUF starts when it breaks out on the topside, above 312.
Move your initial stops upto 305,75 for the whole long position.