EURHUF has approached the 1D Resistance (331.469) and is already pulling back. We are taking our first short now, with the second waiting on the Resistance, if the opportunity is presented. TP = 322.973 and 320.064 in extension (with the previous profit secured).
The exchange rate builds a rising wave structure. It is an extended triple wave structure. Currently, the second wave structure is built. The second wave target price is 331 HUF. Then we are waiting for ABC correction. Graph 1234 indicates a wave structure. Correction can be completed by an ATR axis. The cumulative wave structure may have a target price increase...
Watch for confirmed bullish flag breakout! in that case measured target would be ard 345.
Heikin-Ashi shows bullish momentum pickup. haDelta+ crosses up above mid line, haOscillator is turning higher too.
We are adding to our already existing long positions.
Two 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...
Trade Alert
Keep a close eye on the 322.25 zone, a break of it could open the path towards the low of the 8th of August at around 319.00 level. Further declines could lead to 316.80-316.40 support area. But once again, we will consider this scenario only if we get a break and a close below the 322.25 zone.
Certainly, the pair could continue traveling higher up...
EURHUF performs corrective action. This movement is about to end. The exchange rate rises again from around 318.72 HUF. This may be the last wave of elliot. This wave section can be made with steeper movements with greater momentum. The EURHUF target price is around 341.20 HUF.
EURHUF Buy Idea @Weekly Demand Zone (320.110 - 316.846)
Buy Limit: 320.419
Stop Loss: 316.602
Take Profit: 327.017
Risk Management = 0.01/$100
Close partially the contract once it reaches 50% of profit, Move stop loss over the entry level
Close partially the contract once it reaches 80% of the profit
Trade Alert
Even though the pair has already made a strong move lower from its peak at around 330.70, we can still try and catch that move towards the upwards moving trendline, drawn from the low of the 20th of April. Probably a good idea could be to try and wait for a small retracement back to the 21 EMA and then try to enter SHORT position, with a convenient...
The 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...
This pair is overbought, failed to break the 322 resistance 2 times, maybe a head and shoulders pattern so good position for sell.
This is just for education, not an invest advice.
Trade Alert
EURHUF will have to decide soon on the future direction.
If this continues pushing lower and we eventually see a break of the short-term upwards moving trendline, taken from the 20th of April, then we could see further declines. A break below the 318.30 level could lead to 316.40.
If the aforementioned upwards moving trendline holds and the pair...
Trade Alert.
This could end up being an interesting SHORT trade. But not just yet. We have to wait for the reversal signal.
Watch the peak of 2016 at around 322. Could act as the first good resistance. Id we get a reversal signal, then this could drive the pair to test the steep upwards moving trendline, a break of which, could pull the pair a bit lower.
Don't...
Following 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...
