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CEEMEA FX Price Signal Summary: EURHUF Remains In A Clear Downtrend

EMERGING MARKETS
  • EURHUF is lower once again this morning. The cross remains in a clear downtrend following the reversal from 362.46 on Jul 26. Attention is on 349.23, 76.4% of the Jun - Jul rally. Note that the cross has breached the 61.8% level at 351.76. Resistance is at 355.57, the Aug 11 high where a break is required to ease bearish pressure.
  • Recent price action in EURPLN is unchanged. The cross has defined key directional parameters at; 4.6017, the Jul 20 high and a key resistance plus 4.5309, the Jul 15 low and key short-term support. A break of either level would provide a clearer directional signal.
  • USDZAR is holding onto recent gains. A clear breach of the 15.00 handle is required to suggest scope for an extension of the uptrend. This would open 15.1000, Mar 26 high and beyond. Key support has been defined at 14.2240, the Aug 4 low. The 20-day EMA at 14.6591 marks initial support.
  • USDTRY remains within a broader range. A break of 8.8008, the Jun 2 high is required to confirm a resumption of the broader uptrend. Near-term, a bearish risk suggests scope for weakness towards 8.2629, the Aug 3 low.
  • USDRUB is unchanged. The support to watch is 72.6851 the Aug 2 low. A break of this level would expose the 72.00 handle. The bull trigger is unchanged at 75.3497, Jul 8 high. Initial resistance is seen at 74.1411, the Aug 11 high.
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