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CEEMEA FX Price Signal Summary - EURHUF Remains Soft

EMERGING MARKETS
  • EURHUF maintains a softer tone. The cross reversed course earlier this week and price has traded sharply lower from Monday’s 420.46 high. The move lower cancels the recent (bullish) break of resistance at 416.03, the Oct 24 high and instead signals scope for a deeper short-term pullback that has exposed 398.30, the Nov 10 low. For bulls, a break of 420.46 is required to reinstate a positive theme.
  • EURPLN is consolidating but conditions are unchanged and the outlook remains bearish. Recent short-term gains are considered corrective. The October breach of trendline support drawn from the Jun 8 low strengthened the case for bears. The trendline provided resistance on Nov 16. Support at 4.6690, the Nov 8 low, has recently been breached. The focus is on 4.6528 next, the Aug 15 low ahead of 4.6262, the Jun 21 low. Initial firm resistance is seen at 4.7848, the Nov 16 high.
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