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CEEMEA FX Price Signal Summary - EURPLN Bears Remain In The Driver’s Seat

EMERGING MARKETS
  • A bearish theme in EURHUF remains intact and the latest recovery appears to be a correction. The recent breach of 378.24, the Aug 30 low, 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 382.13, the 50-day EMA.
  • The current downtrend in EURPLN remains intact and this week’s move lower has reinforced this condition. 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 4.4246, the 20-day EMA.

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