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CEEMEA FX Price Signal Summary - EURHUF Bear Threat Still Present

EMERGING MARKETS
  • EURHUF continues to consolidate and this pause appears to be a bear flag formation on the daily chart. If correct, it highlights a bearish threat and signals scope for a continuation of the reversal that occurred on Oct 13 / 14 from the all-time high of 434.22 (Oct 13). The 50-day EMA at 410.97, has been pierced. This average represents a key support and a clear break would open 404.22, the Sep 27 low. 434.22, the Oct 13 high, is the key resistance. Initial resistance is at 419.25, Oct 17 high.
  • EURPLN is trading lower and the move has strengthened the current bearish cycle. The cross has cleared the 50-day EMA and cleared trendline support drawn from the Jun 8 low. The trendline intersects at 4.7535. A continuation lower would expose 4.7032 next, the Sep 19 low, ahead of 4.6888, the Sep 12 low. Initial firm resistance is seen at 4.7932, the Oct 24 high.
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