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CEEMEA FX Price Signal Summary - EURPLN Bear Leg Extends

EMERGING MARKETS
  • A bearish theme in EURHUF remains intact following recent weakness and the latest recovery appears to be a correction - for now. Price recently breached support at 378.24, the Aug 30 low. The clear break of this level strengthens a bearish theme and opens 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg. Firm resistance has been defined at 386.29, the Oct 25 high. First resistance is at 382.17, the 50-day EMA.
  • EURPLN maintains a softer tone and the cross traded lower yesterday, starting the week on a bearish note and extending the current bear cycle. Support at 4.4096, the Oct 17 low, has recently been breached. The break lower strengthened a bearish theme and confirmed a resumption of the bear leg that started Sep 12. Note too that 4.3986, the Jul 31 low, has also been cleared. This signals scope for an extension towards 4.3237, the Mar 12 2020 low. Key resistance has been defined at 4.4898, the Oct 25 high. Initial resistance is at 4.4301, the 20-day EMA.
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