EUR/HUF: Break of key resistance at 369.20/369.50 to open up the upside – SocGen

EUR/HUF has evolved within a consolidation after facing resistance near 369.20/369.50 in April 2020. A break above here is needed to see another leg higher, economists at Société Générale report.

A struggle near October high of 367.00 points to a retracement

“The pattern resembles an ascending triangle which consists of a flat top and an up-sloping support line (now at 347.00). The formation highlights a lack of clear direction; a break above 369.20/369.50 will affirm the next leg of uptrend.”

“Short-term, the pair has struggled near October peak of 367.00. An initial pullback can’t be ruled out; 361.90 and the low formed this month at 358.00 are potential supports.”