EUR/HUF slides toward key 383 support – Société Générale

💡 DMK Insight

EUR/HUF is nearing a critical support zone, and here’s why that matters: As the pair approaches the 383/382 level, traders need to keep an eye on this descending channel. A breakdown below this support could trigger a wave of selling, potentially leading to a sharper decline. On the flip side, if the pair finds support here, it could set up a bounce back, making this a pivotal moment for both day and swing traders. Monitoring volume and momentum indicators around this level will be key—if we see increased selling pressure, it might signal a shift in sentiment. Conversely, a strong rebound could attract buyers looking for a reversal. It’s also worth noting that this movement might influence related pairs, especially those with exposure to the Euro or Hungarian Forint. Keep an eye on economic data releases from the Eurozone or Hungary, as they could provide additional context for this price action. Watch for any signs of volatility as we approach this support level, as it could lead to significant trading opportunities.