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CEEMEA FX Price Signal Summary - EURHUF Trend Needle Points South

EMERGING MARKETS
  • EURHUF has appreciated this week and the cross is trading closer to its recent highs. The latest rally has resulted in a break of both the 20- and 50-day EMAs, signalling scope for a continuation higher near-term. Attention turns to trendline resistance at 391.94. The trendline is drawn from the Mar 12 high and represents the next important resistance. To resume the recent downtrend, the cross needs to clear key support at 382.72, the May 28 low.
  • EURPLN has also recovered from its recent lows and the cross has pierced resistance at the 50-day EMA - 4.2923, but has since pulled back. A clear break of the EMA would signal scope for a stronger bounce and open 4.3070, the May 13 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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