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May 31, 2023 11:10 GMT
CEEMEA FX Price Signal Summary - EURHUF Trend Needle Points South
EMERGING MARKETS
- The EURHUF outlook remains bearish. The cross recently tested resistance at the 50-day EMA but has so far failed to remain above the average. A clear break of it would expose 380.29, the Apr 20 high and a key resistance. The EMA intersects at 375.60. The primary trend direction remains down, clearance of 368.05, May 16 low and the bear trigger, would confirm a resumption of the trend and open 366.41, the Mar 30 2022 low.
- EURPLN trend conditions remain bearish and the cross traded to a fresh cycle low of 4.4767 last week. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. A continuation would open 4.4360, the Jun 7 2021 low. Resistance at the 20-day EMA has been pierced. The 50-day EMA intersects at 4.5846. Short-term gains are considered corrective. A break of the 50-day EMA would alter the picture.
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