Hello, Traders. EURHUF seems to be interesting as it is at a point whereby we might see one more down or a breakout. Look for any impulsive move, and get in after the price has formed a correction.
Happy trading, guys.
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As per LBLS Indicator and Volume the bull move is near the resistance price will fall back to .382 levels.
Target can be 319.848
Stop 320.349
Strength meters shows weak strength on the bull side and short strength meters are forming now.
Fundamentals
-HUN eco data is continuously beating expectations, inflation above MNB expectation (3.8%) -> MNB reluctant to raise rates, still dovish -> no real interest on HUF
Technical
-Channel break
-Clear resistance at D1 61.8% Fib level
See the ellipse marks, and check the price action. A close above 322 will open space to 335+.
Don't worry, National Bank and Government is on your side with their inflationary policy.
There is no European city that offers the lowest cost of living and a modern lifestyle in a beautiful environment with historical monuments as uniquely as Budapest. A weak Forint supports tourism, although maybe the less sustainable cheap-tourism, and with an all-time EURHUF-high of 331,78 in summer 2018 it may have reached a point for a retrace. Although...
The pair is trading on a long term 1W Channel Down (RSI = 35.120, MACD = -1.016, Highs/Lows = -3.0639, B/BP = -4.7280). A recurring sequence inside this pattern indicates that the current bearish leg still has some downside left before making a Lower Low. Our TP is 312.700.
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In the long run, the Hungarian Forint moves on a weakening path. However, I expect further strengthening over a couple of months. Strengthening up to 310HUF can stand against the euro. This is an additional 2.4% increase from the current level.
Fundamentals
- Hun core inflation above MNB target -> rate increase probably in March
- wage growth steadily above 10%
- GDP growth above expectation, 5% yoy
The eco picture resembles scenario the Czech case from 2017 where the central bank started raising rates (wage pressure, inflation, housing prices) and the korona strengthened 6-7%.
Technical
- EURHUF...
Trading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based...
