FxWirePro: EUR/HUF hits 10-month lows at 314.446, eyes 200-W SMA

EUR/HUF chart - Trading View 

• EUR/HUF is extending weakness for the 5th straight week, bias still bearish.
   
• The pair has hit 10-month lows at 314.44 and we see no signs of exhaustion in the bears.
   
• Technical indicators support weakness, 200-W SMA at 313.24 in sight.
   
• RSI and Stochs are nicely converging with price action with no sign of any divergences.
   
• 'Death Cross' formation (bearish 50-DMA crossover on 200-DMA) on the daily charts adds to the bearish bias.
   
• Violation at 200-W SMA could see further downside. Bearish invalidation only above 200-DMA.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-HUF-on-track-to-test-200-W-SMA-good-to-stay-short-on-rallies-1506864) is proceeding well.

Recommendation: Hold for targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.