#EURHUF @ 405.459 to target the 431/33 zone on a break past 415/17 – SocGen
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EUR/HUF has undergone a pause in its up move after achieving upside projections near 415/417 in July. A break above here would clear the way towards 426, then 431/433, economists at Société Générale report.
“The pair has successfully defended August levels of 391 in recent pullback and has now crossed above a steep descending channel. The break highlights possibility of revisiting the hurdle at 415/417. Once this is overcome, next leg of uptrend is likely to materialize towards projections of 426 and 431/433.”
“Defending 391 is crucial for averting a deeper down move.”
See: EUR/HUF set to reach 415 by year-end – Commerzbank
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