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CEEMEA FX Price Signal Summary -Bear Trigger In EURPLN Remains Exposed

EMERGING MARKETS
  • Trend conditions in EURHUF remain bullish and yesterday’s move higher has reinforced this theme. The cross breached resistance at 381.95, the Jul 20 high. This confirms a resumption of the bull cycle that started on Jul 17. A continuation higher would signal scope for a test of key resistance at 389.26. On the downside, weakness through 371.74, the Jul 17 low, would instead expose key support at 367.59, the Jun 12 low. Initial support lies at 377.19, the Jul 26 low. Today’s move lower is considered corrective.
  • EURPLN trend conditions remain bearish. The cross has recently pierced resistance at 4.4769, the 50-day EMA. A clear break of this average would signal scope for a stronger short-term recovery and open 4.5480, the Jun 1 high. The cross has traded lower this week. The bear trigger lies at 4.4138, the Jul 4 low. Clearance of this level would confirm a resumption of the downtrend and open the 4.40 handle ahead of 4.3822, the Aug 28 2020 low.
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