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CEEMEA FX Price Signal Summary - EURPLN Bear Threat Remains Present

EMERGING MARKETS
  • EURHUF reversed course last week and pulled back from 390.49, the Jan 30 high. For now, that pullback appears to be a correction with key support at 382.91, the 50-day EMA. The average has provided support and the cross has recovered from its recent lows. A continuation higher would open 390.49, the Jan 30 high. Clearance of this hurdle would expose 394.67, the Aug 3 ‘23 high. On the downside, a break of the 50-day EMA is required to reinstate a bearish theme.
  • The latest sell-off in EURPLN signals the end of the correction between Dec 13 - Jan 17, and this week’s gains are for now considered corrective. A continuation lower would open 4.2935, the Dec 13 low and key support. Clearance of this level would confirm a resumption of the downtrend that started in September last year. This would open 4.2371, the Feb 14 2020 low. Initial firm resistance has been defined at 4.3623, the 50-day EMA.
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