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CEEMEA FX Price Signal Summary: EURHUF Eyes Key Resistance

EMERGING MARKETS
  • EURHUF rallied sharply higher this week and has traded above all relevant retracement points of the downleg between Dec 24 - Jan 13. This signals potential for a climb towards 371.75, the Dec 24 high and the next key resistance. A break would open 374.83, the 2.00 projection of Jan 13 - 24 - Feb 10 price swing. Yesterday’s low of 360.37, marks initial support.
  • EURPLN has this week cleared a number of important resistance levels as the sharp reversal from 4.4826, Feb 16 low extends. Attention is on 4.6805, 76.4% retracement of the Nov 23 - Feb 16 bear cycle. This level was breached temporarily Thursday. A clear breach of it would open 4.7416, the Nov 23 high. Yesterday’s low of 4.5831 is initial support.
  • USDZAR continues to trade above recent lows. The pair has recently challenged a number of key support levels - the Feb 10 low of 14.9815 plus a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.1973. Price has yet to extend lower and reinforce the bearish significance of a breach of these levels. A deeper pullback would strengthen a bearish case and open 14.8637, the Nov 9 low. A key short-term resistance to watch has been defined at 15.7559, the Jan 31 high.
  • USDTRY is firmer despite yesterday’s volatile price action. The pair has breached its range top and this highlights potential for a climb towards 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 13.6355, the 20-day EMA.
  • USDRUB remains volatile. A gap higher Thursday and intraday bullish follow through resulted in a high of 88.2670 before selling pressure reversed part of the rally. Trend signals continue to point north and the focus is on 90.00. Watch support at 81.3805, yesterday’s high and the gap low on the daily chart.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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