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.

Dip under 391 to trigger substantial fall

“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