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Forex: EUR/HUF in 3-month lows below 292.00

FXstreet.com (Barcelona) - The Hungarian forint is markedly appreciating against the single currency on Wednesday, after the GDP figures for the first quarter surpassed expectations. In fact, economic activity in Hungary expanded 0.7% inter-quarter vs. the median at 0.2%. Over the last twelve months, the economy contracted 0.9% vs. forecasts at -1.2% and previous print at -2.7%.

The renewed strength in the HUF dragged the cross to sub 292.00 levels from the area around 294.60 soon after the release, posting multi-month lows at the same time.

At the moment, the cross is losing 0.97% at 291.76 with the next support at 290.25 (low Feb.20) ahead of the psychological mark at 290.00 and then 289.60 (MA200d).
On the upside, a break above 295.85 (high May 14) would then target 296.60 (MA100d) en route to 298.20 (high May 7).

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