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CEEMEA FX Price Signal Summary - EURHUF Bear Threat Remains Present

EMERGING MARKETS
  • Despite its latest gains, EURHUF continues to trade closer to its recent lows. The bear leg that started early January cancels a recent bullish theme and instead highlights potential for a deeper sell-off near-term. The breach of support at 378.22, the Dec 14 low has exposed key support at 375.62, the Nov 14 low. Initial resistance is at 380.97, the 50-day EMA.
  • A downtrend in EURPLN remains intact and the recent recovery is considered corrective. The cross traded to a fresh trend low on Dec 13, confirming a resumption of the downtrend. This opens 4.2870, the Mar 4 2020 low. Clearance of this level would expose 4.2650, the Feb 19 2020 low. Resistance at the 50-day EMA, at 4.3690, remains intact. A clear break of the average is required to instead signal scope for a stronger bull cycle. Resistance above the 50-day EMA is at 4.4096, the Oct 17 low.

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