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Free AccessCEEMEA FX Price Signal Summary - EURHUF Pullback Considered Corrective With Support Intact
- EURHUF traded higher last week, extending the recovery from 394.07, Sep 8 low. The pair has since pulled back though - the move lower is considered corrective, for now. Price has recently breached resistance at 405.03, the Sep 5 high and the break opens the bull trigger at 416.89, the Jul 7 high. Key support lies at 394.07. A break would reinstate a bearish theme.
- EURPLN is consolidating and remains above its recent lows. Attention is on the first important resistance at 4.7887/8088, the Aug 24 and Jul 27 highs. A break of this zone would strengthen the case for bulls and expose 4.8515, the Jul 12 high. On the downside, an extension lower would instead open key short-term support at 4.6528, the Aug 15 low. A move below this level would be bearish.
- The uptrend in USDZAR remains intact and last week’s gains reinforce this theme. The pair has recently traded above key resistance at 17.3060, Jul 14 high. This break highlights a resumption of the uptrend that started in June 2021 and maintains the bullish price sequence of higher highs and higher lows. Sights are on 17.9493, 76.4% of the 2020 - 2021 bear leg. Key short-term support has been defined at 16.9818, the Sep 13 low.
- USDTRY trend conditions remain bullish and the uptrend has resumed. The pair is approaching 18.3633, the Dec 20 2021 high and a key resistance. The 20-day EMA, at 18.1847 is the initial firm support to watch.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.