HUNGARY: Unemployment Rate Unexpectedly Falls to 4.3% in March

• RES 4: $79.98 -  High Jan 15 and a reversal trigger  
• RES 3: $76.78 - High Feb 11 and a bull trigger 
• RES 2: $74.76 - High Feb 25
• RES 1: $73.57 - High Mar 25           
• PRICE: $73.36 @ 07:02 GMT Mar 26   
• SUP 1: $68.33 - Low Mar 5 and the bear trigger  
• SUP 2: $67.87 - Low Sep 10 ‘24 and a key medium-term support
• SUP 3: $66.36 1.618 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $63.90 2.000 proj of the Jan 15 - Feb 4 - 11 price swing

Brent futures have traded higher so far this week and the contract is holding on to its recent highs. For now, gains are considered corrective. However, price has breached the 50-day EMA, at $72.84. A clear break of this average would signal scope for a stronger recovery and open $74.76 next, the Feb 25 high. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. The bear trigger lies at $68.33, the Mar 5 low.

• RES 4: 120.39 High Feb 28      
• RES 3: 119.31 Low Mar 4 and a gap high on the daily chart   
• RES 2: 118.56 High Mar 5   
• RES 1: 117.45 20-day EMA        
• PRICE: 117.19 @ Close Mar 25 
• SUP 1: 116.54/115.75 Low Mar 18 / 14 and the bear trigger  
• SUP 2: 115.52 2.618 proj of the Feb 7 - 19 - 28 price swing  
• SUP 3: 115.00 Round number support
• SUP 4: 114.81 3.000 proj of the Feb 7 - 19 - 28 price swing   

Recent gains in BTP futures appear corrective. Note that the trend has recently been in oversold territory and the latest bounce is allowing the condition to unwind. Resistance to watch 117.45, the 20-day EMA, ahead of 118.56, the Mar 5 high. A resumption of weakness and a breach of 115.75, the Mar 14 low, would confirm a continuation of the downtrend and open 115.52, a Fibonacci projection.

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 164.19 High Mar 18 and the bull trigger 
• PRICE: 162.28 @ 07:06 GMT Mar 26 
• SUP 1: 160.74 Low Mar 20
• SUP 2: 160.43 50-day EMA 
• SUP 3: 158.90 Low Mar 10  
• SUP 4: 158.00 Round number support 

The trend condition in EURJPY remains bullish and a recent sell-off appears corrective. This has allowed an overbought trend condition to unwind. Short-term pivot support to watch is 160.43, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Sights are on 164.08, the Jan 24 high. It has been pierced, a clear break of this hurdle would strengthen a bullish condition and open 164.90, the Dec 30 ‘24 high.