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CEEMEA FX Price Signal Summary: EURHUF Remains Weak

EMERGING MARKETS
  • Trend condition in EURHUF remains bearish. The cross has inched lower once again today and is approaching 349.23 next, 76.4% of the Jun - Jul rally. A clear break of this retracement would open 347.82, Jun 23 low ahead of 345.14, Jun 10 low. The latter is a key support. On the upside, resistance is at 355.57, Aug 11 high.
  • EURPLN is trading higher today. Recent price action 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. Note, Thursday's bullish engulfing candle pattern signals a potential for gains and this is in line with the moving average set-up. Watching resistance!
  • USDZAR maintains a bullish tone. Last week's key technical development was the break of the 15.00 handle and the Jul high of 14.9957. The break confirms a resumption of the current uptrend that started Jun 7 and signals scope for a climb towards 15.5726, the Mar 8 high. 14.9957 marks initial support.
  • USDTRY is trading sideways and remains within a broader range. A break of 8.8008, Jun 2 high is required to confirm a resumption of the uptrend. Near-term, a bearish risk suggests scope for weakness towards 8.2969, the Aug 3 low.
  • USDRUB support to watch is 72.6851 the Aug 2 low. A break of this level would expose the 72.00 handle. From a short-term perspective, the pair has cleared resistance at 74.1411, Aug 11 high. An extension would open the bull trigger at 75.3497, Jul 8 high.
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