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CEEMEA FX Price Signal Summary - EURHUF Bull Cycle Extends

EMERGING MARKETS
  • EURHUF traded higher last week resulting in a break of the 50-day EMA - at 380.96. The cross is also firmer today as it extends the current bull cycle. Sights are on the next key resistance and bull trigger at $385.77, the Dec 18 high. A break of this level would strengthen the bullish condition and open 387.38, the 61.8% retracement of the Sep 28 - Nov 14 bear leg. Initial support to watch lies at 380.96, the 50-day EMA.
  • EURPLN traded higher last week and in the process breached resistance at 4.3749, the Jan 3 high. Note that the cross has also traded above the 50-day EMA - a bullish development. Last week’s move higher highlights a stronger short-term bull cycle and signals scope for a continuation near-term. 4.4124, the Jan 17 high, is the bull trigger. A break would open 4.4477, the 38.2% retracement of the Sep - Dec bear leg last year. Note that the current bull phase appears to be a correction. The bear trigger lies at 4.2935, the Dec 13 low. Initial support to watch is at 4.3309, the Jan 9 low.
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