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CEEMEA FX Price Signal Summary - EURHUF Rally Exposes Trendline Resistance

EMERGING MARKETS
  • EURHUF traded higher last week and the cross has started this week on a bullish note. Recent gains have resulted in a break of the 20- and 50-day EMAs. Price is approaching the next important hurdle at 391.81, trendline resistance drawn from the Mar 12 high. A break of this level would signal scope for an extension towards 393.24, 61.8% of the Mar 12 - May 28 bear leg. The 76.4% retracement point is at 395.73. Initial support is at 388.00, the 20-day EMA. To resume the recent downtrend, the cross needs to clear key support at 382.72, the May 28 low.
  • EURPLN has also recovered from its recent lows and pierced resistance at the 50-day EMA, at 4.2916, but has since pulled back. A clear break of the EMA would signal scope for a stronger bounce and open 4.3070, the May 13 high. For now, the move higher appears to be corrective. A reversal lower and a break of 4.2471, the May 28 low, would confirm a resumption of the downtrend. This would open 4.2131, the 1.00 projection of the Jan 17 - Apr 9 - Apr 16 price swing.
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