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CEEMEA FX Price Signal Summary - EURPLN Bull Cycle Remains In Play

OUTLOOK
  • EURHUF traded higher Tuesday and the cross is holding on to the bulk of its recent gains. The move higher this week has resulted in a breach of an important hurdle at 391.40, trendline resistance drawn from the Mar 12 high. A clear break of this line signals scope for an extension towards 395.73, 76.4% of the Mar 12 - May 28 bear leg. Initial support is at 388.59, the 20-day EMA.
  • EURPLN has also recovered from its recent lows and has cleared resistance at the 50-day EMA, at 4.2916. A clear break of the EMA signals scope for a stronger bounce and opens 4.3248 and 4.3441, the 61.8% and 76.4% retracement points of the Apr 16 - May 28 bear leg. To reinstate a recent bearish theme, the cross needs to trade through support at 4.2715, Tuesday’s low.
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