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CEEMEA FX Price Signal Summary - EURPLN Bears Eye 4.60 As The Downtrend Extends

EMERGING MARKETS
  • EURHUF maintains a softer tone and the cross is trading lower today. Price is through support at 372.38, the Mar 1 low and bear trigger. The break confirms a resumption of the downtrend that started on Oct 13 2022. This signals scope for weakness below the 370.00 handle and scope is seen for a move towards 366.41, the Mar 30 2022 low. Resistance is at 378.02, the 20-day EMA.
  • EURPLN remains in a downtrend and last week’s break lower confirmed a resumption of the trend. The cross is trading lower today as the bear leg extends. Support at 4.6620, the Mar 1 low, has been cleared and this break ended a lengthy period of consolidation. Note that today’s move lower has resulted in a breach of 4.6270, the Dec 26 low, reinforcing bearish conditions. This opens the 4.60 handle. Initial firm resistance to watch is 4.6701, the 20-day EMA.

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