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Forex: EUR/HUF consolidates above 294.00

The Hungarian forint is resuming its depreciation against the single currency on Tuesday after the unemployment rate in Hungary in the three months ended in January up-ticked to 11.2% from 10.7%.

Ahead in the day the MNB (Hungarian central bank) would hold its monetary policy meeting, with market consensus expects another rate cut, the seventh in a row since August.

As of writing, EUR/HUF IS UP 0.05% at 294.65 with the next resistance at 294.94 (high Feb.7) ahead of 300.00 (2013 high Jan.28) en route to 307.65 (high Jun.1 2012).
On the flip side, a violation of the psychological level at 290.00 would expose 288.70 (low Feb.13) and then 287.65 (2013 low Jan.13).

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