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CEEMEA FX Price Signal Summary: EURHUF Remains Above Monday’s Low

EMERGING MARKETS
  • EURHUF has found support this week at 387.15, Jun 6 low. The cross continues to trade above this level and attention is once again on key resistance at 399.64, the Mar 7 high. This is an important bull trigger, where a break would confirm a resumption of the broader uptrend and would open 400.00 and beyond. On the downside, a return lower, and a break of 387.15, would expose the 50-day EMA at 383.12.
  • EURPLN is unchanged and remains in consolidation mode. The trend condition is bearish and the recent sideways move appears to be a flag formation - a bearish continuation pattern. Price has recently traded through the 4.60 handle - a clear breach of this level and a continuation lower would signal scope for a deeper pullback and open 4.50, and support at 4.4826, the Feb 16 low. Key resistance has been defined at 4.7279, Apr 26 high. Initial resistance is at 4.6332, the 50-day EMA.
  • USDZAR remains in a short-term downtrend and has continued to weaken. The pair has recently breached both the 20- and 50-day EMAs and Monday confirmed a break of support at 15.4112, May 4 low. The subsequent follow through paves the way for weakness towards 15.1364, 61.8% of the Mar 31 - May 16 bull leg, and the 15.00 handle. The current retracement is still potentially a correction. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger. Initial firm resistance is at 15.8655, May 26 high.
  • USDTRY continues to climb and the bull run has accelerated. The move higher reinforces bullish conditions. The 17.00 handle has been cleared and this opens 18.00 next ahead of last year's major high at 18.3633, on Dec 20. Firm support lies at 16.1964, the 20-day EMA.
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