On 4 Hrs chart EURHUF has arrived to important support level, retesting the previus downtrend of the consolidation triangle.
It is a buy zone, with tgt 314 again. Use tight stops, as this time it is in the mid of the current wide trading range, and in case the uptrend and Kumo eventually fail to hold, it can quickly drop to 307,50, or even below. However hungarian policy makers have our back, so long EURHUF from 310-311 levels with stops ard 309,50 is still a good risk-reward trade. And remember, the cost of carry (fwd points tight) is not expensive any more.
Long term EURHUF has a potential to go higher. In case this trade idea fails and we get stopped out, the next level to look for strategic longs will be at 305 strong support (check on daily chart).
It is a buy zone, with tgt 314 again. Use tight stops, as this time it is in the mid of the current wide trading range, and in case the uptrend and Kumo eventually fail to hold, it can quickly drop to 307,50, or even below. However hungarian policy makers have our back, so long EURHUF from 310-311 levels with stops ard 309,50 is still a good risk-reward trade. And remember, the cost of carry (fwd points tight) is not expensive any more.
Long term EURHUF has a potential to go higher. In case this trade idea fails and we get stopped out, the next level to look for strategic longs will be at 305 strong support (check on daily chart).