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CEEMEA FX Price Signal Summary - EURHUF Approaches Support At The 20-Day EMA

EMERGING MARKETS
  • Trend conditions in EURHUF remain bullish and the latest pullback appears to be a correction. The move lower is allowing a recent overbought trend condition to unwind. Last week’s climb resulted in a break of resistance at 389.26, the Jul 7 high. The rally strengthened the current bullish theme and signalled scope for a climb towards 394.22, the 76.4% retracement of the Mar 20 - Jun 12 low. This price point has been pierced, a clear break would pave the way for gains towards 402.45, the Mar 20 high and a key resistance. Support to watch is 384.36, the 20-day EMA.
  • EURPLN trend conditions are unchanged and remain bearish - recent short-term gains are considered corrective. The bear trigger at 4.4138, the Jul 4 low, has recently been breached and the 4.40 handle has also been tested. An extension lower would open 4.3822, the Aug 28 2020 low. The 50-day EMA, at 4.4647, is the resistance to watch. It has been pierced, a clear break would signal scope for a stronger recovery towards 4.5040, the Jul 6 high.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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