EUR/HUF: Failure to defend 379 could mean a deeper down move towards 372 – SocGen

EUR/HUF has pulled back after challenging the 200-DMA near 399/402. A break below would open up more losses toward 372, then 367, analysts at Société Générale report.

399/402 must be overcome to affirm an extended bounce

“The 200-DMA around 399/402 remains a crucial resistance zone and must be overcome to affirm an extended bounce.” 

“The pair is drifting towards interim support of 379, the 76.4% retracement from the low formed earlier this month. Failure to defend could mean a deeper down move towards 372 and perhaps even towards the lower limit of a multi-month channel at 367.”