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CEEMEA FX Price Signal Summary - EURHUF Bear Cycle Still In Play

EMERGING MARKETS
  • EURHUF gains are considered corrective. The trend outlook still appears bearish, following the reversal from the Dec 12, 420.46 high. This signals scope for a deeper pullback towards 391.55, the Aug 12 low. For bulls, initial firm resistance is at 403.44, the 50-day EMA. A clear break of the EMA would be a positive development.
  • The EURPLN outlook still appears bearish. The break of support at 4.6528 in December, the Aug 15 low, highlights a resumption of the downtrend and has opened 4.6262 next, the Jun 21 low, ahead of the 4.6000 handle. Most recently, the cross has recovered from its lows but remains below resistance and short-term gains are considered corrective. Resistance to watch is 4.7220, the Dec 6 high. A break of this hurdle would instead suggest potential for a stronger recovery and open 4.7500.
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