EUR/HUF to rise towards December and April highs at 364.57/365.40 – Commerzbank

EUR/HUF is flirting with the 200-day moving average (DMA) at 358.60. According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the pair may continue its advance to 364.57/366.44.

EUR/HUF has risen above the 200-DMA at 358.60

“EUR/HUF’s recovery from its 345.06 June low has now taken it to above the 200-DMA at 358.60. Were the current July high at 360.17 to be exceeded on a daily chart closing basis, the 364.57/365.40 December and April peaks would be next in line. En route lie the 361.28/362.70 November, December 8 and January 11 and 28 highs.” 

“Above the 364.57/365.40 zone the March high sits at 369.22.” 

“Slips should find support around the 356.57 June high.”

“Further minor support comes in between the 55-day moving average and the one month support line at 353.84/352.51. Support below the next lower late June low at 347.81 comes in at the 345.06 early June low below which lies the 343.63/04 area.”