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24 Feb 2015
EUR/HUF testing lows on MNB decision
FXStreet (Edinburgh) - The Hungarian forint is slightly firmer vs. the single currency on Tuesday, with EUR/HUF currently gyrating around the 305.00 handle.
EUR/HUF lower following the MNB decision
The cross is challenging intraday lows around 305.00 after the central bank of Hungary (MNB) kept its benchmark rate unchanged at 2.10%, matching prior surveys. In the meantime, the cross continues to consolidate the sharp sell off from ytd peaks near 327.00 posted in January, with monetary conditions still tilted to further easing.
EUR/HUF levels to consider
The cross is now down 0.24% at 305.03 with the next support at 304.10 (low Feb.20) followed by 304.01 (low Nov.21 2014) and then 302.24 (low Jun.5 2014). On the flip side, a break above 306.60 (high Feb.20) would aim for 306.80 (10-d MA) and finally 308.00 (21-d MA).
EUR/HUF lower following the MNB decision
The cross is challenging intraday lows around 305.00 after the central bank of Hungary (MNB) kept its benchmark rate unchanged at 2.10%, matching prior surveys. In the meantime, the cross continues to consolidate the sharp sell off from ytd peaks near 327.00 posted in January, with monetary conditions still tilted to further easing.
EUR/HUF levels to consider
The cross is now down 0.24% at 305.03 with the next support at 304.10 (low Feb.20) followed by 304.01 (low Nov.21 2014) and then 302.24 (low Jun.5 2014). On the flip side, a break above 306.60 (high Feb.20) would aim for 306.80 (10-d MA) and finally 308.00 (21-d MA).