MNI China Daily Summary: Friday, February 3

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CEEMEA FX Price Signal Summary - EURHUF Trend Needle Still Points South

EMERGING MARKETS
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News
  • 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.
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  • 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.