In today’s comprehensive EURHUF forecast, we will first examine Hungary’s current economic conditions. Then, we will meticulously analyze the technical analysis of the Euro to the Hungarian Forint exchange rate.
Hungary Trade Balance Improves
Bloomberg—In September 2023, Hungary achieved a trade surplus of EUR 1,300 million, matching the initial estimates and showing a significant improvement from the previous year’s EUR 738 million trade gap. This was the largest trade surplus since June and the eighth consecutive month of positive trade balance, as the country’s exports and imports decreased compared to the previous year.
Exports dropped by 4.3% to EUR 12,8 million, while imports plunged by 19% to EUR 11,5 million. The EU markets remained Hungary’s leading destination and source of goods, accounting for 76% of exports and 69% of imports. Hungary’s trade surplus amounted to EUR 6.9 million in the year’s first nine months.
EURHUF Technical Analysis and Forecast
FxNews – The EURHUF pair has been trading within a slightly bullish channel since November. The pair is crossing above the channel’s median line, indicating a potential uptrend. The RSI indicator also shifts above the 50 level, signaling bullish momentum.
We expect the EURHUF to rise further and aim for the late November high around the 382 mark. This level has acted as a strong resistance in the past and could pose a challenge for the bulls. However, if the pair breaks above this level, it could open the door for further gains towards the 385 and 390 levels.
On the other hand, if the pair fails to sustain the upward movement and falls below the channel’s median line, it could face some downward pressure. The first support level to watch is the 377 mark, which coincides with the channel’s lower boundary. A break below this level could signal a bullish trend reversal and trigger a sell-off towards the 373 and 370 levels.
Various factors, such as the economic and political developments in the Eurozone and Hungary, the monetary policies of the European Central Bank and the Magyar Nemzeti Bank, and market sentiment and risk appetite, influence the EURHUF pair. Therefore, traders should monitor news and events affecting the pair’s direction and volatility.