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

EMERGING MARKETS
  • EURHUF is consolidating. A bearish theme remains intact and the latest recovery appears to be a correction. The cross has found resistance at the 50-day EMA - at 381.84. A clear breach of the average is required to signal scope for a stronger retracement. This would open 384.23, the Nov 1 high. The recent break of support at 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.
  • The current downtrend in EURPLN remains intact and last week’s move lower reinforced this condition. Support at 4.4096, the Oct 17 low, has recently been cleared. The break lower strengthens a bearish theme and confirms 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 4.4036, the 20-day EMA.
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