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CEEMEA FX Price Signal Summary: EURHUF And EURPLN Rally

EMERGING MARKETS
  • EURHUF is trading higher today and these gains have resulted in a clear break of key resistance at 371.99, the Nov 23 high. The move above this level reinforces current bullish conditions and paves the way for gains towards 374.83, the 2.00 projection of the Jan 13 - 24 - Feb 10 price swing. Further out, scope is seen for a climb towards 377.48, the 2.236 projection. Support is seen at 364.56, the Feb 28 low.
  • EURPLN is rallying today and has managed to trade above key resistance at 4.7416, the Nov 23 high. A clear break of this hurdle would strengthen bullish conditions and set the scene for a climb towards 4.7936, the March 2009 high. Support is seen at 4.6170, Feb 25 low..
  • USDZAR remains above recent lows. The pair has recently challenged the Feb 10 low of 14.9815 plus a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.2162. Price has yet to extend lower though and reinforce the bearish significance of a breach of these levels. A break of 14.9133, Feb 17 low, would likely trigger a stronger sell-off. Key resistance to watch is at 15.7559, the Jan 31 high.
  • USDTRY remains below last week’s high of 14.6462 (Feb 24). The pair last week breached the top of its range and this highlights potential for a climb towards 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 13.6714, the 20-day EMA.
  • USDRUB was sharply higher yesterday as the RUB weakened and remained under pressure. As discussed on Monday, It is difficult to perform any meaningful price analysis under current conditions however, some potential support levels can be noted that may provide a clue with respect to market sentiment.
    • Friday’s high of 88.2670 is seen as a support and marks the gap low that has been created on the daily chart. Markets tend to fill gaps so it will be interesting to see whether this gap is filled in the next day or two or at a much later date.
    • The area between the 20- and 50-day EMAs - 80.32007 to 77.5799 - represents a key support zone. The moving average set-up highlights an uptrend and any pullback ahead of the EMAs would initially be considered a correction.
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