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CEEMEA FX Price Signal Summary: EURHUF Probes Key Resistance

EMERGING MARKETS
  • EURHUF is volatile but trading closer to its recent highs. The cross has probed key resistance at 371.99, the Nov 23 high. A clear break of this hurdle would reinforce current bullish conditions and pave the way for gains towards 374.83, the 2.00 projection of Jan 13 - 24 - Feb 10 price swing. Support is seen at 360.37, the Feb 24 low.
  • EURPLN last week cleared a number of important resistance levels as the sharp reversal from 4.4826, Feb 16 low extends. Attention is on the key resistance at 4.7416, the Nov 23 high. Clearance of this level would set the scene for a climb towards 4.7936, the March 2009 high. Support is seen at 4.6013, Jan 31 high.
  • USDZAR remains above recent lows. The pair has recently challenged the Feb 10 low of 14.9815 plus a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.2067. Price has yet to extend lower though and reinforce the bearish significance of a breach of these levels. A break of 14.9133, Feb 17 low, would likely trigger a stronger sell-off. Key resistance to watch is at 15.7559, the Jan 31 high.
  • USDTRY has pulled back from last week’s high of 14.6462 (Feb 24). The pair last week breached the top of 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 13.6530, the 20-day EMA.
  • USDRUB has appreciated significantly today as the RUB weakens and remains under pressure. It is difficult to perform any meaningful price analysis under current conditions however, some potential support levels can be noted that may provide a clue with respect to market sentiment.
    • Friday’s high of 88.2670 is seen as a support and marks the gap low that has been created on the daily chart. Markets tend to fill gaps so it will be interesting to see whether this gap is filled in the next day or two or at a much later date.
    • Another support is the area between the 20- and 50-day EMAs - 78.4532 to 76.7441. The moving average set-up highlights an uptrend and any pullback ahead of the EMAs would initially be considered a corrective pullback.
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