CE3 FX Marginally Pressured in Aftermath of US Data

CE3 FX has weakened in the aftermath of the US inflation data as greenback strength prevails. Moves in EURPLN, EURHUF and EURCZK have been generally limited overall, however, though the former recorded its highest level since Dec 01. A familiar technical picture remains in play across all three crosses:

• A broader bearish theme in EURHUF remains intact, however, the cross traded higher last week and maintains a firmer short-term tone. This suggests scope for a continuation of the current corrective cycle. Price has breached the 50-day EMA, opening 384.23, the Nov 1 high, and potentially 386.29, the Oct 25 high.
• The broad downtrend in EURPLN remains intact and the recent consolidation - a bear flag - is seen as a pause in the bear cycle. 4.3986, the Jul 31 low, has been cleared. This signals scope for an extension towards 4.2870, the Mar 4 2020 low. Initial resistance is at 4.3593, the 20-day EMA.
• EURCZK is trading just above the 50-day EMA at typing. Earlier today, the 50% Fibonacci retracement of the Oct 26 - Nov 29 sell-off in EURCZK capped gains at 24.475. A break of this level could expose the Oct 26, 2023/Jul 7, 2022 highs of 24.747/24.797.