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CEEMEA FX Price Signal Summary: EURPLN Approaches Key Resistance

EMERGING MARKETS
  • EURHUF maintains a bullish tone despite the pullback from recent highs. A bullish theme follows the recent break of 362.46, Jul 26 high and 364.40, Apr 23 high. This sets the scene for a climb towards 369.21, Mar 18 high. Initial firm support has been defined at 358.56, Oct 15 low. The 20-day EMA at 361.07 is first support.
  • EURPLN is firmer again today and scope is seen for an extension. The sharp bullish reversal on Oct 7 signalled the end of the recent Sep 30 - Oct 7 correction. It suggests scope for a move towards 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture.
  • USDZAR maintains a firmer tone as the pair extends the recovery from 14.3542, Oct 20 low. With a stronger short-term reversal recently confirmed, attention is on 15.2524, the Sep 30 high and a key resistance. A break would open 15.3948, the Aug 20 high. Key support lies at 14.3542. Initial support is at 14.6539, Oct 26 low.
  • USDTRY remains below recent highs. The trend condition is bullish and any near-term pullback is considered corrective. Recent accelerated gains reinforced a bullish theme and confirmed a resumption of the primary uptrend. The focus is on 9.8797, 3.00 projection of the Sep 22 - 29 - Oct 1 price swing ahead of the 10.00 psychological handle. Key support is at 9.2050, the Oct 20 low.
  • USDRUB remains vulnerable following recent weakness and short-term gains seen yesterday are considered corrective. The recent extension lower maintains the current bearish price sequence of lower lows and lower highs and with trend signals still pointing south, further USD depreciation is likely. The focus is on 68.5545, Jun 23 low. Initial firm resistance is at 71.3034, the Oct 21 high.

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