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CEEMEA FX Price Signal Summary: EUR Correction Versus PLN / HUF Extends

EMERGING MARKETS
  • EURHUF has extended the pullback from 371.99, Nov 23 high. Pullbacks are considered corrective and a bullish theme remains intact. Support is at 362.04. Nov 18 low. A break would however signal potential for a deeper pullback towards 358.48, the Nov 4 low. 371.99 is the bull trigger, a break would instead confirm a resumption of the uptrend and open 372.90, 1.236 projection of the Nov 4 - 12 - 18 price swing.
  • EURPLN remains below last week’s high of 4.7416 on Nov 23. Continued weakness has resulted in a break of the 20-day EMA and attention turns to support around the 50-day EMA at 4.6261. A break of this EMA would signal scope for an extension towards the 4.60 handle. Broader trend conditions remain bullish. A resumption of gains would refocus attention on 4.7416.
  • USDZAR trend needle still points north and last week’s strength resulted in a breach of the 16.00 handle. Attention remains on 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021. A clear breach of this level would signal scope for a climb towards 16.7193, the Oct 15 2020 high ahead of 17.0823 further out, the 61.8% retracement. Short-term dips are considered corrective. Support is seen at 15.6405, the 20-day EMA.
  • USDTRY is trading in a volatile manner. Yesterday's break to a fresh all-time high reinforces once again the underlying uptrend. There is a good chance activity remains volatile however further USD appreciation is likely. The 20-day EMA at 11.2786 is an initial support.
  • USDRUB dips are considered corrective. The pair has recently breached resistance at 75.3497, Jul 8 high. This opens the 76.00 handle and 76.5806, the Apr 22 high. Firm support is seen at 72.7248, the 50-day EMA.
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