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CEEMEA FX Price Signal Summary: EURHUF Pullback Considered Corrective - For now

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish. However, a corrective bear leg has resulted in a continued pull back from recent highs. The cross has traded below both the 20- and 50-day EMAs. A continuation lower would expose the key short-term support at 391.55. Aug 12 low. The bull trigger is at 416.89, the Jul 7 high.
  • EURPLN attention remains on the first important resistance at 4.8088, the Jul 27 high. A break of this level would strengthen the case for bulls and expose 4.8515, the Jul 12 high. Key short-term support is unchanged at 4.6528, the Aug 15 low. A move below this level would be bearish.
  • USDZAR short-term conditions remain bullish following the latest recovery and bounce from 16.1104, the Aug 11 low. This week’s recovery reinforces the bull theme and attention is on 17.3060, the Jul 14 high and bull trigger. Key support lies at the trendline drawn from the Apr 13 low - it intersects at 16.2252. Initial firm support lies at 16.5958, the 50-day EMA.
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