Free Trial

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.

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.