January 20, 2023 12:01 GMT
CEEMEA FX Price Signal Summary - EURHUF Trend Needle Continues To Point South
- EURHUF trend conditions remain bearish and the cross traded lower Wednesday to test support at 393.64, the Jan 9 low. A clear break of this support would confirm a resumption of the downtrend and open 391.55, the Aug 12 low, ahead of 390.00. For bulls, initial firm resistance is at 402.50, the 50-day EMA. A clear break of this EMA would be a positive development.
- The EURPLN outlook still appears bearish despite Thursday’s 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 open 4.7500 and beyond. Clearance of 4.7453 would also represent a bullish development. The break of support at 4.6528 in December, the Aug 15 low, highlights a resumption of the downtrend and has opened 4.6262 next, the Jun 21 low, ahead of the 4.6000 handle.