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CEEMEA FX Price Signal Summary - EURHUF Resumes Its Downtrend

EMERGING MARKETS
  • EURHUF trend conditions remain bearish. Thursday’s move lower confirmed a resumption of the downtrend - support at 386.22, the Jan 26 low, has been breached. This signals scope for weakness towards 391.55, the Aug 12 2022 low and 390.00. Initial resistance is at 392.78, the 20-day EMA.
  • EURPLN traded lower Thursday. The outlook still appears bearish despite the Jan 19 spike higher to 4.7453. A clear break of resistance at 4.7220, the Dec 6 high, is required to suggest potential for a stronger recovery and this would open 4.7500 and beyond. Clearance of 4.7453 would also represent a bullish development. On the downside, a stronger resumption of weakness would refocus attention on 4.6262, the Jun 21 low, ahead of the 4.6000 handle.

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