Daily Forex Update: EUR/HUF

EUR/HUF has recently completed the high Quality extended Down Channel cart pattern identified by Autochartist on the 4-hour charts. The length of this Down Channel equals to the 132 candles. The overall Quality of this chart pattern is measured at the 9 bar level as a result of maximum Initial Trend and Clarity (both rated at the 10 bar level) and the significant Uniformity (7 bars). This chart pattern continues the predominant uptrend visible on the daily EUR/HUF charts. The bottom of this chart pattern (point F on the chart below) formed when the pair reversed up from the strong support level 290.00. The latest upward reversal from this level of support broke through the upper resistance trendline of this Down Channel. The pair is expected to rise further toward the Forecast Price 312.2787.

As can be seen from the following PowerStats chart, most of the daily Expected Price Range for EUR/HUF for tomorrow (from 288.9877 to 294.3123) stands above the aforementioned support level 290.00, which increases the probability that this currency pair will continue to rise tomorrow