Yesterday’s trade saw EUR/HUF within the range of 307.130-310.080. The pair closed at 307.640, losing 0.70% on a daily basis.
At 6:50 GMT today EUR/HUF was down 0.12% for the day to trade at 307.302. The pair touched a daily low at 307.161 at 6:30 GMT.
Fundamental view
Hungary
Hungarys annualized industrial production probably expanded 10.6% in August, according to the median forecast by experts, following a 12.3% increase in July, as the latter has been the fastest annual pace in almost a year. The index reflects the change in overall inflation-adjusted value of output in sectors such as manufacturing, mining and utilities. In case industrial output expanded more than anticipated, this would have a bullish effect on the local currency. Hungarian Central Statistical Office will release the official industrial data at 7:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 308.283. In case EUR/HUF manages to breach the first resistance level at 309.437, it will probably continue up to test 311.233. In case the second key resistance is broken, the pair will probably attempt to advance to 312.387.
If EUR/HUF manages to breach the first key support at 306.487, it will probably continue to slide and test 305.333. With this second key support broken, the movement to the downside will probably continue to 303.537.
The mid-Pivot levels for today are as follows: M1 – 304.435, M2 – 305.910, M3 – 307.385, M4 – 308.860, M5 – 310.335, M6 – 311.810.
In weekly terms, the central pivot point is at 310.563. The three key resistance levels are as follows: R1 – 312.727, R2 – 315.378, R3 – 317.542. The three key support levels are: S1 – 307.912, S2 – 305.748, S3 – 303.097.
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