Market Overview

27 October 2016

EURHUF Possible Bearish A-B-C Setup (Swing)

A while back, we published an analysis on EURHUF in which we were presenting a possible bearish scenario on the Hungarian Forint, a scenario that since that moment has been confirmed.


Today we are again looking at interesting opportunities on the HUF, with swing traders possibly looking for re-entries for the new leg down:

This A-B-C pattern has been confirmed by a break of the 307.80 level on weeklies, with price now correcting back into the 310 key area. If the bearish setup is correct, then swing traders are expected to position themselves here for a 2-3 months ride down, targeting below 300 in mid-term.


On the other hand, a solid new breach of 310, with price maintaining above this level for a few weeks would invalidate the setup and open the door for a new test of 319, followed by 325.


What is your view on the Forint? Do you see it appreciating in the next few weeks?

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.