November 11, 2022 11:54 GMT
CEEMEA FX Price Signal Summary - EURHUF Trend Needle Still Points South
- The EURHUF outlook remains bearish and the cross is trading at its recent lows. A bearish theme follows the recent break of support at 405.14, the Oct 21 low. The move lower confirmed a recent bear flag formation on the daily chart and resumed the bearish cycle that has been in place since Oct 13. The 400.00 handle has been pierced. A clear break would open key support at 394.07, the Sep 8 low. Firm resistance has been defined at 416.03, the Oct 24 high. Initial resistance is at 408.83, the 50-day EMA.
- EURPLN maintains a bearish tone despite recent gains. The cross has cleared the 50-day EMA and breached trendline support drawn from the Jun 8 low. A resumption of weakness would expose 4.6528 next, the Aug 15 low. Initial firm resistance is seen at 4.7468, the 50-day EMA.