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CEEMEA FX Price Signal Summary - EURHUF Tests Key Resistance

EMERGING MARKETS
  • The trend condition in EURHUF is bearish, however, a bullish corrective cycle remains in play and price continues to climb. Note that key resistance at 378.79, the May 19 high, has been pierced. A clear break of this hurdle would strengthen a bullish theme and signal a reversal. This would open 380.91, 38.2% of the Mar 20 - Jun 12 downleg. On the downside, key support has been defined at 367.59, the Jun 12 low and bear trigger. Initial support lies at 372.77, the 50-day EMA.
  • EURPLN trend conditions remain bearish and the cross traded to a fresh trend low of 4.4138 yesterday. This confirms once again a resumption of the downtrend, extending the bearish price sequence of lower lows and lower highs. A continuation lower would open the 4.40 handle next ahead of 4.3822, the Aug 28 2020 low. The 50-day EMA intersects at 4.5021. A break of this average would alter the picture. Today’s gains are considered corrective.

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