Analyst report 💱 Forex 🌍 EUROPE

EUR/HUF Eyes 366 as ING Warns CEE FX Bearish Trend Far From Over

ING warns that CEE currencies face continued bearish pressure, with EUR/HUF targeting 366 while the National Bank of Hungary's upcoming policy meeting remains a key factor for potential support.

📅 November 13, 2026 🕐 1 min read

2 assets impacted (Forex). Net bias: 1 Bullish, 1 Bearish, 0 Neutral. Strongest signal: EUR/HUF ↑ 4/10 (60% confidence).

📊 Affected Assets (2)

EUR/HUF

Bullish 🤖 60%

📅 Short-term 🌍 HU · Explicit

ING's Taborsky says yesterday's energy price surge and new EUR/USD lows are pushing regional FX to new lows and sees the bearish trend far from over, with EUR/HUF potentially testing 366. However, he sees 368-370 as an area where new sellers enter, capping the pair, and the National Bank of Hungary is expected next week to avoid rushing into rate cuts, which could support the forint since one to two cuts are priced in.

Catalysts

▲ Further EUR/HUF upside toward 366 on higher energy prices and weaker EUR/USD
▲ National Bank of Hungary meeting next week: firm stance and no rushed rate cuts could support the forint and cap the pair

Risk Factors

▼ 368-370 seen as a zone where new sellers enter, effectively capping the pair
▼ One to two NBH rate cuts already priced in, so a firm stance could reverse forint weakness

EUR/USD

Bearish 🤖 60%

📅 Short-term 🌍 GLOBAL · Explicit

The pair has already made new lows, and ING frames continued EUR/USD weakness as a key driver pushing regional CEE currencies lower, consistent with a bearish bias that is 'far from over'. The piece offers no level targets or catalyst specific to EUR/USD itself, so the effect is directional but modest.

Catalysts

▼ Ongoing EUR/USD weakness cited as a driver of CEE FX under pressure

Risk Factors

▲ No EUR/USD-specific targets or catalysts given; the view is part of a broader CEE FX note

🧭 Full analysis of these assets

🎯 Key Takeaways

EUR/HUF is expected to test the 366 level amid broader regional currency weakness.
The 368-370 range is identified as a zone where new sellers are likely to enter and cap the EUR/HUF pair.
The National Bank of Hungary is expected to maintain a firm stance next week to avoid rushing into rate cuts.
Market participants have already priced in one to two rate cuts from the National Bank of Hungary.

📝 Executive Summary

Central and Eastern European currencies remain under pressure as higher energy prices and a weaker EUR/USD drive regional assets to new lows. ING analyst Frantisek Taborsky expects the bearish trend to persist, with EUR/HUF potentially testing 366 before encountering resistance in the 368-370 range.

❓ FAQ

EUR/HUF · How far could EUR/HUF rise, according to ING?

ING sees the pair testing 366, but views the 368-370 range as an area where new sellers enter, effectively capping further gains.

EUR/HUF · What could stop the forint's slide?

The National Bank of Hungary is expected to take a firm stance next week and avoid rushing into rate cuts despite low inflation, which could support the forint, as one to two rate cuts are currently priced in.

EUR/USD · What does ING expect for EUR/USD?

The note states EUR/USD has hit new lows and that this weakness, together with higher energy prices, is pushing regional CEE currencies lower, with ING's bearish bias far from over.

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