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CEEMEA FX Price Signal Summary: EUR Still Soft Versus HUF And PLN

EMERGING MARKETS
  • EURHUF remains under pressure and has over the last few sessions, cleared a number of support levels. Attention is on 356.43 next, 61.8% of the Sep - Nov rally and 355.15 next, Oct 4 low. Initial firm resistance is at 364.70, the 50-day EMA.
  • EURPLN continued to trade lower again yesterday and remains vulnerable. The cross last week breached a key short-term support at 4.5798, the Dec 8 low and yesterday breached 4.5392, the Oct 7 low. This opens 4.5010 next, the Sep 1 low. Initial resistance is seen at 4.5897, the 20-day EMA.
  • USDZAR is still trading below last week’s high. A bullish theme remains in place though and the recent pullback is considered corrective. The recovery from 15.5007, Dec 27 low and just below the 50-day EMA is encouraging price action for bulls. A resumption of strength would pave the way for a climb towards 16.2651, Dec 15 high and 16.3668, Nov 26 high. 15.5007 is the key short-term support to watch. A break would signal scope for a deeper pullback.
  • USDTRY is unchanged and holding onto recent gains. The outlook remains bullish. Price is trading above the Dec 23 low of 10.2512 that also represents a key short-term support handle. Further gains would open 14.3729, the Dec 11 high. A breach of this level would open 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB bulls remain in control following last week’s gains and breach of 75.9190, Nov 26 high and a bull trigger. The breach strengthens the bullish case and has opened 78.0406, Apr 7 high. 73.0926, Dec 27 low marks the key support. Initial support is at 74.6485, the 20-day EMA. The most recent pullback is considered corrective.
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