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Euro / Hungarian Forint

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EURHUF trade ideas

EUR/HUF 4H Chart: Junior pattern is brokenTwo 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 given by the upper trend line of a massive scale ascending channel pattern, which was drawn on Tuesday. In regards to the short term future, the rate is expected to decline down to the 325.00 mark in the near future.
Short
by UnknownUnicorn890690
EURHUF - Daily - Watch the level.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 until the 325.85 level, where EURHUF could test from underneath the short-term upside support line that it broke through on the 27th of July. For now, we will stay away from entering any BUY positions, but we would consider the SELL-side if our criteria is met. Don't forget to put your SL.
by JFD_Research
EURHUF - Daily - We can still catch a bit of that dropTrade 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 for you SL. One level to watch for a potential SL could be the 325.35 zone. Always have your SL in place.
Short
by JFD_Research
EUR/HUF 1H Chart: Surge after breakoutThe 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 have been located in the overbought territory for two weeks, as well as they are starting to converge with the price level. These signals allow to make an assumption that a correction south could follow soon. Bullish gains should be capped near the monthly R3 at 330.00, thus allowing bears to dominate in the market for a week or two. The nearest support of significance is the 55– and 100-period (4H) SMAs and a channel line circa 322.00. Technical indicators on the 1D chart suggest that this decline might actually prevail for a longer period of time, thus setting the 3.16 level as a possible target for mid-August.
Short
by UnknownUnicorn890690
EURHUF - Daily - Coming to a key pointTrade 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 reverses to the upside, then we could aim for the 320.85 level again, a break of which, opens the path towards the 322 area. Never forget your SL!
by JFD_Research
EUR/HUF 1H Chart: Change in sentiment expectedFollowing 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 four-hour chart, it is likely that the bears eventually prevail and thus push the pair lower. This scenario should be confirmed if the Euro breaches the 200-hour SMA at 314.50. Downside target is the monthly S1 and the senior channel at 311.00. In terms of the following trading days, the rate could still move slightly higher, as it is supported by the 55– and 100-hour SMAs, the monthly R1 and the weekly PP at 314.90. The nearest resistance is formed by the monthly R2 and the weekly R1 at 316.26.
Short
by UnknownUnicorn890690