EUR/HUF Continues Steady Decline Toward Key Support Zone
EUR/HUF is showing a continued downward trend, drifting toward the crucial 383/382 support zone at the base of its descending channel, according to Société Générale’s FX analysts.
The pair gave up the 50-day moving average (50-DMA) in May, which initiated a steady decline. Since then, EUR/HUF has consistently struggled to surpass this moving average during the downtrend.
Currently, the pair is approaching the lower boundary of a multi-month descending channel around the 383/382 level. This zone could act as an interim support area. If the 383/382 level holds, it may trigger a brief rebound in the pair’s value.
However, for an extended upward movement to be confirmed, EUR/HUF must overcome the resistance posed by the 50-DMA near 390. Traders will be closely watching this level to gauge the potential for a sustained recovery.
https://bitcoinethereumnews.com/finance/eur-huf-slides-toward-key-383-support-societe-generale/
