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May 7, 2013
Forex: EUR/HUF retreats from highs, around 297.50
FXstreet.com (Barcelona) - The Hungarian forint is picking up pace on Tuesday, after the Hungarian industrial production posted an annual contraction of 2.9% in March, decelerating the decline from February’s 5.3% drop.
“The prolonged rally may expose HUF and CDS to more downside should the EU find Hungary's constitutional amendments in breach of EU law s. We see EUR/HUF above 308 on fundamentals, but with a risk of liquidity distortions”, commented Cristian Maggio, Strategist at TD Securities.
As of writing, the pair is up 0.31% at 297.69 with the next resistance at 308.55 (high Mar.18) followed by 313.48 (high Jan.13 2012) and then 316.10 (high Jan.9 2012).
On the flip side, a breakdown of 296.40 (MA100d) would bring 294.69 (low May 3) and finally 293/25 (low Apr.25).
“The prolonged rally may expose HUF and CDS to more downside should the EU find Hungary's constitutional amendments in breach of EU law s. We see EUR/HUF above 308 on fundamentals, but with a risk of liquidity distortions”, commented Cristian Maggio, Strategist at TD Securities.
As of writing, the pair is up 0.31% at 297.69 with the next resistance at 308.55 (high Mar.18) followed by 313.48 (high Jan.13 2012) and then 316.10 (high Jan.9 2012).
On the flip side, a breakdown of 296.40 (MA100d) would bring 294.69 (low May 3) and finally 293/25 (low Apr.25).