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CEEMEA FX Price Signal Summary - Bounce in EURHUF Considered Corrective

EMERGING MARKETS
  • EURHUF is trading higher today as the cross retraces a portion of the recent bear leg. Trend conditions remain bearish and the move higher is considered corrective. Price traded to a fresh cycle low of 368.05 on Tuesday and attention has been on the bear trigger at 369.47, the Apr 18 low, which was pierced earlier this week. A clear break lower would resume the primary downtrend and open 366.41, the Mar 30 2022 low. Key resistance to watch is at 376.74, the 50-day EMA.
  • A sharp recovery is EURPLN from yesterday’s low appears, at this stage, to be a correction and the bounce is allowing an oversold trend condition to unwind. A resumption of weakness would open 4.4360, the Jun 7 2021 low. Initial firm resistance to watch is at 4.5611, the 20-day EMA.

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