EUR/HUF 4H Chart: Downside Potential Could Prevail

Technical analysis of Forex market

Since the beginning of November, the EUR/HUF currency pair has been trading downwards within a falling wedge pattern.

From a theoretical point of view, it is likely that the exchange rate could continue to move within the predetermined pattern in the medium term. In this case the rate could decline to 350.00 by the middle of March.

In the meantime, note that the currency pair could gain support from the Fibo 23.60% at 355.85. Thus, a breakout north could occur, and the pair could re-test the 370.00 level.