The previous forecast worked, however, the EUR/HUF exchange rate has not reached the Fibonacci 50.00% retracement at 320.26.
Given that the currency pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair targets the lower boundary of a short-term descending channel located circa 319.90/320.00. Technical indicators for the short run also demonstrate that there is still some downside potential in the market.
If given channel holds, a reverse north will occur and the pair will target the upper channel line located in the 321.00/321.50 range.
Given that the currency pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair targets the lower boundary of a short-term descending channel located circa 319.90/320.00. Technical indicators for the short run also demonstrate that there is still some downside potential in the market.
If given channel holds, a reverse north will occur and the pair will target the upper channel line located in the 321.00/321.50 range.