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CEEMEA FX Price Signal Summary - EURHUF Approaches A Key Support

EMERGING MARKETS
  • EURHUF continues to retrace a portion of its recent gains. The move lower is likely a correction and bullish conditions remain intact. Attention is on the 50-day EMA that intersects at 374.49. A clear break of this average would undermine the bullish theme and highlight potential for a deeper pullback, towards 373.11, the 76.4% retracement of the Jun 27 - Jul 7 rally. Initial resistance is at 380.80, the Jul 11 high.
  • EURPLN trend conditions remain bearish, however, a corrective cycle remains in play and the cross has recently pierced resistance at 4.4918, the 50-day EMA. A clear break of this average would signal scope for a stronger recovery and open 4.5480, the Jun 1 high. The bear trigger lies at 4.4138, the Jul 4 low. Clearance of this level would confirm a resumption of the downtrend and open the 4.40 handle ahead of 4.3822, the Aug 28 2020 low.
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