MNI China Daily Summary: Tuesday, December 10

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CEEMEA FX Price Signal Summary - EURHUF Continues To Weaken

EMERGING MARKETS
  • EURHUF continues to weaken. The cross last week breached support at the 50-day EMA, which intersects at 385.34. The clear break of the average is a bearish development and exposes 378.24, the Aug 30 low. Key resistance is at 394.67, the Aug 3 high. Clearance of this level would resume the uptrend and open $402.45, the Mar 20 high. Initial resistance to watch is at 389.20, the Oct 9 high.
  • EURPLN remains vulnerable following the sharp sell-off early last week. Short-term gains are considered corrective and would allow an oversold condition to unwind. The break below the 4.5000 handle signals scope for an extension towards 4.3986, the Jul 31 low and the next major support. A break of this support would open 4.3711, the Jun 3 2020 low. Resistance is at 4.5359, the 50-day EMA.
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