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Euro / Hungarian Forint

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EURHUF trade ideas

The interest rate cut from the Hungarian central bankThe expected interest rate cut from the Hungarian central bank this July is slowing down the Hungarian forint. In fact, it caused to weakened significantly against the euro in the trading sessions. The pair is widely projected to climb to its resistance and hit levels last seen in early April 2020 during the hype of the euro’s bullishness. Just last week, the National Bank of Hungary’s governor Barnabas Virag said in a radio interview that the bank may once again cut its key interest rates by 15 basis points next month. Virag added that it would be the lowest that the rates will go for the foreseeable future. The news helped bullish investors to floor their gas pedals against bears and propel the pair. The unexpected interest rate cut from the National Bank of Hungary just recently was the first cut in four years from the bank and was clarified as not the beginning of an easing cycle which was previously speculated.
Long
by Financebroker
The Hungarian forint forces the euro to steady this weekThe pair is seen inching down this Tuesday as the euro’s strength falters as the risk appetite continues to go down. However, the Hungarian forint is also weakened by disappointing data from the region, resulting in a stalemate-like run for the pair today. But ultimately, the tide is expected to turn in favor of bearish investors which will help force the 50-day moving average to go even lower in the trading sessions. Investors of the Hungarian forint hopes that the 50-day MA will crash or get nearer the 200-day moving average in the coming sessions. As of now, there aren’t any significant economic reports scheduled for the Hungarian forint, so it’s very much riding the flow of other Central European currencies. Last week, the euro saw an opening against the Hungarian forint when the country reported a massively alarming drop in its April monthly trade balance.
Short
by Financebroker
EUR/HUF will break down from a key support lineThe pair will break down from a key support line, sending the pair lower towards a major support line. The single currency will continue to decline in the coming sessions due to disappointing results from Germany and the European Union. The EU’s largest economy reported a sharp decline in its import, export, and trade balance. Imports shrink by 16.5% while exports declined by 24.0%. Trade balance, on the other hand, was only $3.2 billion $19 billion prior to the coronavirus pandemic. However, there are some outperformers in the European Union. Hungary has been one of the fastest-growing economies in the region in 2019. However, the coronavirus pandemic causes a global recession and the OECD group now expects Hungary to contract by 8.0% this 2020. Despite this, Hungary’s finance minister reassured investors that the country is on the right path towards recovery. Mihály Varga expects Hungary to grow by 4.8% in 2021.
Short
by Financebroker
EURHUF at the resets of the channel 🦐The market as we expected went to retest the dynamic trend line of the channel on the 4h timeframe. On the fundamental side we have a strong euro but the price seem to push further down to get back inside the channel. At the moment the market is ranging between the 2 resistance zone therefore there are 2 possible scenarios: - If the market will break above the upper structure we can look for a long position with a TP around the 350 level - If the market will break below the blue structure we can set a short order with a TP around the lower trend line of the channel. ––––– Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
by InkyGrip
The Hungarian forint is deep troubleThe Hungarian forint is deep trouble. The HUF lost all its strength following the crash of the Hungarian Manufacturing PMI. Following the record low data from the said report, bulls immediately took advantage, forcing the EURHUF pair higher. Aside from the crucial data, the forint fell to its weakest levels due to the global risk-off sentiment. Unfortunately for Hungary, its manufacturing activity collapses to levels weaker than what it experienced back in the 2008-2009 Financial Crisis. The Hungarian manufacturing data collapsed from 50.1% on the prior month to just 29.1% in March. The results show the initial impact of the virus on the sector. Investors of the Hungarian forint were gravely disappointed as the results came in way worse than projections of 47%. To put things into perspective, back in the 2008-2009 Financial Crisis, the Hungarian manufacturing PMI only dropped to 40%, and considering its drop now, it’s drastically worse.
Long
by Financebroker