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EUR/HUF in lows after rate decision

FXstreet.com (Barcelona) - The Hungarian forint is posting intraday highs vs. the single currency on Tuesday, dragging the cross to the 285.80/286.00 region after the NBH rate decision.

The HUF remained steady after the Hungarian central bank cut the refi rate by 25 bps to 4.50% on Tuesday, broadly in line with market expectations. The cross is now stabilizing around 286.00 the figure after falling from session tops around 289.00 during the European morning.

The cross is now losing 1.09% at 286.09 facing the next support at 284.40 (low Dec.21 2012) followed by 283.50 (high Nov.15 2012) and then 282.00 (daily pivot Nov/Dec). On the upside, a break above 292.72 (high May 23) would clear the way to 295.85 (high May 14) and finally 296.60 (MA100d).

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