EURHUF - Swing down is possible, but how deep?
Daily: Chikou Span hit Price candles, while we had a multiple resistance at 316 during last weeks.
Slow Stoch down, MACD bearish too. (MACD has shown bearish divergence for a while).
Price broke below Kijun Sen, Tenkan/Kijun can give a weak bearish signal soon. Key resistance to be cleared before it can drop further is 312 - 312,50. That would open the space to 309,50 or maybe even to 308, but there we have the long term bullish trendline.
4 Hrs: Bearish Kumo break and short term trend break. DMI crossing bearish. First resistance is ard 312, below that it is open.
p.s.: fundamentals for the HUF are not really good, also it has lost the positive carry due to deep rate cuts and the change in 2 weeks instrument by NBH. This means HUF will be more and more sensitive to both local and global factors. The short term path will of course depend a lot on ECB decision today. If they ease further, that will send EURHUF down quickly. If they kind of "disappoint" mkts, then EURUSD will spike up, which will put pressure on USDHUF, so even in this HUF has some chance to appreciate a bit more.
Slow Stoch down, MACD bearish too. (MACD has shown bearish divergence for a while).
Price broke below Kijun Sen, Tenkan/Kijun can give a weak bearish signal soon. Key resistance to be cleared before it can drop further is 312 - 312,50. That would open the space to 309,50 or maybe even to 308, but there we have the long term bullish trendline.
4 Hrs: Bearish Kumo break and short term trend break. DMI crossing bearish. First resistance is ard 312, below that it is open.
p.s.: fundamentals for the HUF are not really good, also it has lost the positive carry due to deep rate cuts and the change in 2 weeks instrument by NBH. This means HUF will be more and more sensitive to both local and global factors. The short term path will of course depend a lot on ECB decision today. If they ease further, that will send EURHUF down quickly. If they kind of "disappoint" mkts, then EURUSD will spike up, which will put pressure on USDHUF, so even in this HUF has some chance to appreciate a bit more.
