EUR/HUF uptrend stalled near 416 and it has evolved within a sideways consolidation, Societe Générale’s FX analysts note.

Next potential supports are at 402 and 399

“The pair is now at the lower part of this range near 407/406 which is an important support zone. A rebound can’t be ruled out, but it will be interesting to see if a cross above the hurdle at 416 materializes. Inability to overcome this could denote risk of deeper pullback.”

“If EUR/HUF breaches 407/406, the phase of decline could extend. Next potential supports could be located at March 2023 high of 402 and 200-DMA at 399.”