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EMERGING MARKETS: CEEMEA FX Price Signal Summary - Correction In EURHUF Extends

EMERGING MARKETS
  • The EURHUF trend condition is unchanged, it remains bullish and the latest pullback is considered corrective. Moving average studies are in a bull-mode condition, highlighting a dominant uptrend. Note however, that the cross has breached the 20-day EMA, exposing the next important support at 407.19, the 50-day EMA. A clear break of this average would signal scope for a deeper pullback - towards 405.52, the Nov 15 low. For bulls, a reversal higher would refocus attention on the next upside objectives at; 415.92, the Dec 13 2022 high, and 418.50, the 76.4% retracement of the Oct ‘22 - Jun ‘23 bear cycle. 
  • A bear cycle in EURPLN remains intact. The move down last week signals scope for a deeper retracement. The cross has breached the 50-day EMA, and traded through 4.2812, the 76.4% retracement of the Sep 25 - Nov 6 bull cycle. This paves the way for a move towards 4.2520, the Sep 25 low and the next key support. A breach of it would open 4.2471, the May 28 low. On the upside, resistance to watch is 4.2941, the 20-day EMA. The latest bounce is considered corrective.

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