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CEEMEA FX Price Signal Summary: EURHUF Bears Eye Key Support

EMERGING MARKETS
  • EURHUF has continued to trade lower this week. The recent rally stalled just ahead of the 50-day EMA on Jan 24. The 50-day average- at 361.12 - represents a key short-term resistance and a clear break of it would signal scope for a stronger rally towards 363.78, 61.8% of the Dec 24 - Jan 13 downleg. Moving average studies still highlight a broader bearish condition. A continuation lower would refocus attention on 350.88, the Jan 13 low.
  • EURPLN has pulled away from its recent highs. The recovery from 4.5088, Jan 20 low did result in a break of the 20-and 50-day EMAs. An extension higher would signal scope for a rally towards 4.6180, 23.6% of the downleg between Nov 23 - Jan 20. Gains are still considered corrective and a stronger sell-off would refocus attention on the 4.5088 bear trigger. A break of this level would confirm a resumption of the downtrend and expose 4.5010, the Sep 1 low.
  • USDZAR remains above 15.0669, Jan 21 low. The recent move higher means that trendline support, at 15.0367 today, has remained intact - the trendline is drawn from the Jun 7, 2021 low. This trendline represents a key support and a break would strengthen a bearish case and open 14.8637, the Nov 9 low. Key short-term resistance has been defined at 15.7559, the Jan 31 high. A break would be positive.
  • USDTRY remains in consolidation mode around the 20-day EMA. The outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 12.8828 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB maintains a weaker tone following the reversal last week from 80.4155, the Jan 26 high. A bearish engulfing candle formation on Jan 27 is still in play and this pattern provided an early warning of a short-term shift in sentiment. The pullback has opened 75.4355 next, the 50-day EMA. A clear break would expose 74.3819, the Jan 12 low. The bull trigger is at 81.4155.
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