Forex: EUR/HUF upside capped around 296.00

FXstreet.com (Barcelona) - The Hungarian forint is losing ground against the single currency on Tuesday after the softer than expected inflation figures in the domestic economy, pushing the cross to the vicinity of 296.00, although faltering afterwards. Consumer prices rose 1.7% in a year to April, below forecasts at 2.1% and lower than March’s 2.2%.

At the moment, the cross is up 0.25% at 295.50 with the next resistance at 296.61 (MA100d) ahead of 298.20 (high May 7) and then 308.55 (high Mar. 18).
On the downside, a breach of 292.12 (low May 10) would aim for 290.25 (low Feb.20) ahead of the psychological mark at 290.00.

May 14, 2013

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