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CEEMEA FX Price Signal Summary - EURHUF Trend Outlook Remains Bearish

EMERGING MARKETS
  • EURHUF trend conditions remain bearish. Last week’s move lower reinforced the bearish theme and confirmed a resumption of the downtrend plus 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 393.50, the 20-day EMA.
  • EURPLN is unchanged and remains in consolidation mode. The 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.
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