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CEEMEA FX Price Signal Summary - EURHUF Tests Support At The 50-Day EMA

EMERGING MARKETS
  • Trend conditions in EURHUF remain bullish, however, a corrective cycle is in play and the cross is trading lower today. Support around the 20-day EMA has been breached and the subsequent extension has resulted in a print below the 50-day EMA, at 391.48. A clear break of the 50-day average is required to signal scope for a deeper retracement and this would open 390.00 and 386.39 further out, the Feb 22 low. For bulls, a reversal higher would refocus attention on the key resistance and bull trigger at 399.75, the Mar 12 high. Initial resistance is at 395.77, the Apr 2 high.
  • Trend conditions in EURPLN remain bearish. The cross on Mar 11, cleared key support and the bear trigger at 4.2935, the Dec 13 low. This confirmed a resumption of the downtrend that started in September last year and opens 4.2371, the Feb 14 2020 low. Initial firm resistance is seen at 4.3176, the 50-day EMA. A clear break of this average would signal scope for a stronger correction and open 4.3564, the Feb 7 high.
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