EUR/HUF to enjoy considerable gains towards 375.00 – SocGen

EUR/HUF rise faced an interim hurdle at 372.00 after breaking out from the year-long consolidation. Although the pair is staging an initial pullback, EUR/HUF is set to resume its advance towards the 375.00 level, economists at Société Générale report. 

November low of 358.50 should be a near-term support

“An initial pullback is under way, however, a large downside is not envisaged; November low of 358.50 should be a near-term support.” 

“The pair is likely to continue its up move gradually towards graphical levels of 369.50 and even towards projections of 375.00.”

“Only a break below 358.50 would mean a deeper pullback.”