Free Trial

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.
191 words

To read the full story

Close

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.
  • 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.