January 27, 2023 12:05 GMT
CEEMEA FX Price Signal Summary - EURHUF Trend Needle Points South
- EURHUF trend conditions remain bearish and this week’s move lower has reinforced the bearish theme. The break lower confirmed a resumption of the downtrend and resulted in a breach of support at 391.55, the Aug 12 low, and the 390.00 handle. Attention is on 384.54, the 1.00 projection of the Oct 13 - Nov 10 - Dec 12 price swing. Initial resistance is at 395.12, the 20-day EMA.
- The EURPLN outlook still appears bearish despite the Jan 19 spike higher to 4.7453 and the fact that price remains closer to its recent highs. A clear break of resistance at 4.7220, the Dec 6 high, is required to suggest potential for a stronger recovery and this would open 4.7500 and beyond. Clearance of 4.7453 would also represent a bullish development. On the downside, a resumption of weakness would refocus attention on 4.6262, the Jun 21 low, ahead of the 4.6000 handle.