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Forex: EUR/HUF extends its downside, around 291.30

The Hungarian forint is prolonging its appreciation against the single currency on Friday after the trade surplus in Hungary decreased to €192.3 million during December from €659.5 million in the previous month. Market consensus was expecting a €362.5 million surplus.

“Despite the recent HUF rally, we remain relatively bearish HUF and expect EUR/HUF to break through the 300 barrier in the coming month before testing the 38.2% Fibonacci retracement of the mid-2011 to early 2012 rally at 300.42”, assessed Christian Lawrence, analyst at Rabobank.

The pair is now down 0.47% at 291.36 with the immediate support at the psychological level at 290.00 followed by 287.65 (low Jan.3) and then 286.60 (MA200d).
On the upside, a breakout of 294.15 (MA21d) would expose 294.40 (MA10d) and then 300.00 (high Jan.28).

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