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CEEMEA FX Price Signal Summary - EURHUF Conditions Remain Bullish

EMERGING MARKETS
  • EURHUF traded higher last week and in the process breached resistance at 416.03, the Oct 24 high. The clear break is a bullish development and suggests scope for a stronger short-term recovery. This opens 420.00 (pierced) and above, towards 434.22, the Oct 13 high. On the downside, key support is unchanged at 403.69, the Nov 30 low. A clear breach of this level would strengthen a bearish case and expose support at 398.30, the Nov 10 low. Initial support to watch is $408.65, the Dec 7 low.
  • EURPLN conditions remain bearish and recent short-term gains are considered corrective. The October breach of trendline support drawn from the Jun 8 low strengthened the case for bears. The trendline provided resistance on Nov 16. Support at 4.6690, the Nov 8 low, has recently been breached. The focus is on 4.6528 next, the Aug 15 low ahead of 4.6262, the Jun 21 low. Initial firm resistance is seen at 4.7848, the Nov 16 high.
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