Free Trial

CEEMEA FX Price Signal Summary - EURPLN Bear Cycle Extends

EMERGING MARKETS
  • EURHUF is trading at its recent lows. Bullish conditions remain intact and the latest pullback appears to be a correction - for now. Support to watch lies at 392.61, the 50-day EMA. A clear break of this average is required to undermine the bullish theme. This would open 390.79, the 50.0% retracement of the May 28 - Jun 14 bull leg. Moving average studies are in a bull-mode set-up, highlighting an uptrend. Recent gains resulted in a print above 395.73, 76.4% of the Mar 12 - May 28 bear leg. This signals scope for an extension towards 399.75 next, the Mar 12 high and a key resistance.
  • EURPLN has traded lower this week and the cross remains vulnerable. 4.2791, 76.4% of the May 28 - Jun 14 rally, has been pierced. A clear break would open 4.2471, the May 28 low. For bulls, resistance to watch is 4.3321, Tuesday’s high. Clearance of this level would be a positive development and expose 4.3826, the Jun 14 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.