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CE3 FX Under Pressure Following Data; EURHUF, EURPLN Resistance Levels Intact

CEE FX
CE3 FX Under Pressure Following Data; EURHUF, EURPLN Resistance Levels Intact
  • The spike in US yields and accompanying greenback strength following the US inflation data has pressured CE3 FX, and indeed the wider EM FX basket. EURHUF, EURPLN both remain below key resistance levels, however, with price action so far contained within last week’s extremes. On the other hand, EURCZK briefly narrowed the gap to the May 11 2022 high of 25.486.
  • For EURHUF, a clearance of 390.49, the Jan 30 high, is needed to expose 394.67, the Aug 3 ‘23 high. On the downside, a break of the 50-day EMA is required to instead reinstate a bearish theme. The average provided strong support as the cross has recovered from its early February lows.
  • Initial firm resistance in EURPLN has been defined at 4.3568, the 50-day EMA. For now, a bear threat remains present with attention on 4.2935, the Dec 13 low and key support. Clearance of this level would confirm a resumption of the downtrend that started in September last year.
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