EURHUF Forecast – Bullish Channel Breakout – What’s Next?


In today’s comprehensive EURHUF forecast (Euro to Hungarian Forint), we will examine Hungary’s current economic conditions and meticulously examine the EURHUF pair’s technical analysis.

EURHUF Forecast – Bullish Channel Breakout – What’s Next?

FxNews—The currency pair recently achieved a significant milestone by breaking out of its bullish channel. Currently, the Relative Strength Index (RSI) is stepping outside the overbought zone, suggesting a consolidation in momentum. Simultaneously, the pair explores the possibility of retesting the previously broken resistance level.

The upper line of the bullish channel is now acting as a support. As long as the EURHUF maintains its trading above this critical level, R2 emerges as a potential target for this ongoing bullish wave. This suggests a continuation of the upward trend in our EURHUF forecast.

EURHUF Forecast - Bullish Channel Breakout - What's Next?

EURHUF Forecast – Bullish Channel Breakout – What’s Next? – 4H Chart

However, there is an alternative scenario to consider. If bearish forces drive the price back within the flag, it will likely lead to a reassessment of the pair’s bullish technical analysis. In such a situation, the pivot point could become a likely target for sellers. This shift would indicate a change in the market dynamics, potentially altering the current EURHUF forecast.

Hungary’s Construction Output Sees Growth

Bloomberg—In October 2023, Hungary experienced a modest yet significant uptick in its construction output, marking a 0.1% increase compared to the same month in the previous year. This rise signals a noteworthy recovery, especially after witnessing a 6% drop in the preceding month. October’s figures represent the first instance of growth following two months of consecutive declines.

This improvement was primarily driven by a rebound in building activity, which saw a 2% increase, starkly contrasting the 9.5% decline in September. However, it’s important to note that civil engineering works did not follow this positive trend, as their output fell by 2.6%, down from a 0.4% growth previously. On a seasonally adjusted monthly basis, the overall construction output in Hungary was 1% higher than in the preceding month.

  • 2023-12-18