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CEEMEA FX Price Signal Summary: EURHUF Trend Needle Points North

EMERGING MARKETS
  • EURHUF trend conditions remain bullish and the cross has recovered from Wednesday’s low of 393.25. The cross traded to a fresh trend high Monday of 404.76, to confirm a resumption of the uptrend and maintain a bullish price sequence of higher highs and higher lows. Moving average studies also point north and the focus is on the 410.00 handle - a break of 404.76 would confirm a resumption of the uptrend. On the downside, a deeper pullback would expose the 50-day EMA at 390.22.
  • EURPLN continues to trade above last week’s low of 4.6262 (Jun 21). Price is also trading below key resistance at 4.7279, Apr 26 high and 4.7446, the Jun 16 high. A clear breach of this resistance zone would strengthen bullish conditions and open 4.7867, the Mar 25 high. Weakness below 4.6262 would instead highlight a short-term bearish development and attention would turn to the 4.6000 level and the key short-term support at 4.5599, May 30 low.
  • USDZAR maintains a bullish tone. The pair traded through a major resistance yesterday at 16.3668, the Nov 26 2021 high. The break confirms a resumption of a broader uptrend that started in June 2021. This sets the scene for an extension higher towards16.50 next while further out, there is scope for a climb towards 16.7361, the 1.00 projection of the recent Jun 9 - 13 - 15 price swing. Initial firm support is at 15.9258, the 20-day EMA.
  • USDTRY is consolidating. The pair reversed direction on Jun 24 and traded lower on Monday before recovering from the session low. Monday’s move lower means the 50-day EMA, at 16.2488, has been tested for the first time since the Dec low. The EMA has so far provided support. It represents an important pivot area and a clear break would signal scope for a deeper pullback. Key resistance is at 17.4446, the Jun 22 high.
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