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CEEMEA FX Price Signal Summary: EURHUF Is Trading At Its Recent Lows

EMERGING MARKETS
  • Recent weakness in EURHUF signals potential for a deeper retracement and this has opened the 390.00 handle. The broader uptrend remains intact though and dips are still considered corrective - for now. A stronger reversal higher would open 408.51, the Jul 28 high and further out, the key resistance at 416.89, the Jul 6 high.
  • EURPLN has traded lower this week and remains vulnerable. The cross has breached the mid-July lows at 4.6904. The break has strengthened short-term bearish conditions and this has opened 4.6483, the Jun 30 low and 4.6287, 76.4% of the May 30 - Jul 12 bull phase. A reversal higher and a resumption of gains would refocus attention on the first important resistance at 4.8088, the Jul 27 high.
  • USDZAR traded lower Wednesday and in the process cleared support at 16.3906, the Jul 29 low. The break lower has also resulted in a breach of the 50-day EMA and signals scope for a deeper pullback. This has opened 15.9787, trendline support drawn from the Apr 13 low. Key short-term resistance has been defined at 16.9441, the Aug 3 high.
  • USDTRY trend conditions remain bullish. The 18.00 handle was pierced last week, a clear break would strengthen the bullish theme and open 18.3633, the Dec 20 2021 high and a key resistance. The 20-day EMA, at 17.7625 is the initial firm support to watch.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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