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CEEMEA FX Price Signal Summary - EURHUF Pullback Considered Corrective

  • EURHUF continues to retrace part of its recent gains. The move lower is likely a correction and bullish conditions remain intact. Key resistance at 378.79, the May 19 high, has recently been cleared. The break strengthens a bullish theme and signals a reversal. The focus is on 389.13, the 61.8% retracement of the Mar 20 - Jun 12 downleg. This level has been tested and a clear break would open the 76.4% level at 394.22. Initial support to watch lies at 376.97, the Jun 15 high.
  • EURPLN trend conditions remain bearish, however, a corrective cycle remains in play and the cross last week pierced resistance at 4.4961, the 50-day EMA. A clear break of this average would signal scope for a stronger recovery and open 4.5480, the Jun 1 high. The bear trigger lies at 4.4138, the Jul 4 low. A break would confirm a resumption of the trend and open the 4.40 handle ahead of 4.3822, the Aug 28 2020 low.

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