EURHUF – Selling pressure to deepen
8th February 2016
Our Trend Table medium term view for EURHUF changed from Neutral to Bearish 3 weeks ago as the 21 week moving average was broken, confirmed by EURHUF RSI indicators moving below their moving average.
This confirmed an end to the broad range trading that had dominated the second half of 2015 – this trendlessness was also reflected by the fluctuation around the RSI moving average.
Despite this morning’s rally attempt the negativity surrounding EURHUF has deepened with the break of a trend of higher weekly lows that dated back to July (see green line on chart below) and we look for the downside to extend with the likelihood of a correction of half of the April-January rise as a minimum target (307.50).
