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CEEMEA FX Price Signal Summary - EURHUF Trades Through Trendline Resistance

EMERGING MARKETS
  • EURHUF traded higher last week and the cross has started this week on a bullish note. Recent gains have resulted in a break of the 20- and 50-day EMAs. Today’s rally has resulted in a breach of an important hurdle at 391.67, trendline resistance drawn from the Mar 12 high. A clear break of this line would signal scope for an extension towards 393.24, 61.8% of the Mar 12 - May 28 bear leg. The 76.4% retracement point is at 395.73. Initial support is at 388.00, the 20-day EMA.
  • EURPLN has also recovered from its recent lows and has pierced resistance at the 50-day EMA, at 4.2909. A clear break of the EMA would signal scope for a stronger bounce and open 4.3233, the May 8 high. For now, the move higher appears to be corrective. A reversal lower and a break of 4.2471, the May 28 low, would confirm a resumption of the downtrend. This would open 4.2131, the 1.00 projection of the Jan 17 - Apr 9 - Apr 16 price swing.
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