EUR/HUF had a big rally today with the open at 296.40 then reaching the current day high at 300.500, this level is a resistance area on the daily candle chart, being the topside of a channel started a couple of weeks ago. A break of which could lead to further upward movement. On the 4 hour chart price action has broken through the Ichimoku cloud, confirmation is needed in that the lagged line has to break the cloud and the conversion line has to cross the base line.
Today’s move being quite a large one would lead to think of more upside action, but it’s hard to imagine it going much higher than the resistance level at the bottom of the Ichimoku cloud on the day chart, 305.000, when considering 3.36% 10 year bond yield, negative inflation and GDP growth rate of 3.4%

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