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CEEMEA FX Price Signal Summary - EURHUF Trend Structure Remains Bullish

EMERGING MARKETS
  • Bullish conditions in EURHUF remain intact and the cross is trading closer to its latest highs. The recent climb reinforced a bull theme and resulted in the break of a number of important resistance points. 395.73, 76.4% of the Mar 12 - May 28 bear leg, has also been cleared. This signals scope for an extension towards 399.75 next, the Mar 12 high and a key resistance. Initial firm support is seen at 393.72, the 20-day EMA.
  • EURPLN traded lower last week and again Monday, extending the reversal from the Jun 14 high. The recent move down still appears to be a correction, however, the break of both the 20- and 50- day EMAs, does undermine the bullish theme, and signals scope for a deeper retracement, potentially towards 4.2791, 76.4% of the May 28 - Jun 14 rally. For bulls, a reversal higher would refocus attention on 4.3826, the Jun 14 high. Initial resistance is at 4.3360, the Jun 21 high.
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