TECHNICAL ANALYSIS EUR/ HUF
EUR /HUF u n d e r we n t a s t r o n g t wo - l e g g e d a d v a n c e f r om t h e n e w a l l - t ime t r a d e d l ow a t 2 2 8 . 1 1 i n Ju l y 2 0 0 8 ( v e r s u s 2 3 4 . 0 6 i n J a n u a r y 2 0 0 3 ) , r e a c h i n g 2 8 6 . 2 8 & 3 1 7 . 0 8 h i g h s i n Oc t o b e r 2 0 0 8 & Ma r c h 2 0 0 9 , i n t e r r u p t e d b y a b r i e f d i p t o 2 5 2 . 8 5 . B o t h t h e 2 0 0 8 a n d 2 0 0 9 p e a k ma r k e d n e w a l l - t ime t r a d e d h i g h s , t h e p r e v i o u s t o p h a v i n g b e e n a t 2 8 4 . 9 6 i n J u n e 2 0 0 6 . A s t e a d y r e t r e a t o c c u r r e d f r om 3 1 7 . 0 8 , r e a c h i n g 2 6 2 . 8 9 & 2 6 0 . 9 6 l ows i n Oc t o b e r 2 0 0 9 a n d Ma r c h 2 0 1 0 , e i t h e r s i d e o f t h e 6 1 . 8% r e t r a c eme n t o f t h e p r e v i o u s 2 2 8 . 1 1 - 3 1 7 . 0 8 a d v a n c e . Th e s e l ows we r e a l s o j u s t a b o v e t h e g e n t l y r i s i n g u l t r a l o n g - t e rm ( b l u e ) 2 6 0 we e k ( 5 y e a r ) mo v i n g a v e r a g e . A s i x we e k d o u b l e b o t t om d e v e l o p e d a t t h e s e c o n d l ow, t h i s b a s e p a t t e r n b e i n g c omp l e t e d b y t h e p u s h
a b o v e 2 6 8 . 9 3 . S i n c e t h e n , a g o l d e n c r o s s o f t h e ( r e d & g r e e n ) 1 3 & 5 2 we e k mo v i n g a v e r a g e s h a s o c c u r r e d , a c c omp a n i e d b y MACD n u d g i n g b a c k o v e r t h e p i v o t a l z e r o l i n e . R e s i s t a n c e h a s s o f a r eme r g e d n e a r t h e 5 0% r e t r a c eme n t o f t h e 3 1 7 . 0 8 - 2 6 0 . 9 6 d e c l i n e a t 2 8 9 . 0 2 , wi t h a h i g h e r l ow n ow s o u g h t a b o v e r e s i s t a n c e - t u r n e d - s u p p o r t a r o u n d 2 6 8 . 9 3 - 2 7 1 . 4 7 t o c eme n t t h e c u r r e n t b u l l i s h s t r u c t u r e . We s e e s c o p e f o r a f u r t h e r s t e a d y r i s e o v e r c omi n g we e k s a n d mo n t h s t o a t l e a s t t e s t 2 9 5 . 6 4 - 3 0 3 . 8 4 , t h e 6 1 . 8%- 7 6 . 4% r e t r a c eme n t s o f t h e 3 1 7 . 0 8 - 2 6 0 . 9 6 d e c l i n e wh i c h s u r r o u n d t h e Ap r i l 2 0 0 9 l owe r t o p a t 3 0 1 . 8 7 , wi t h s c o p e f o r a r e t u r n t owa r d s t h e Ma r c h 2 0 0 9 t o p s a t 3 1 2 . 8 2 & 3 1 7 . 0 8 f u r t h e r o u t .
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