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CEEMEA FX Price Signal Summary - EURPLN Bullish Condition Remains Intact

EMERGING MARKETS
  • EURHUF remains firm following this week’s extension of the recovery from 378.24, the Aug 30 low. The cross has breached resistance at 384.71, the Aug 24 high. Furthermore, 391.64, the Aug 21 high, has been pierced. Clearance of this level would open 394.67, the Aug 3 high and a key resistance. On the downside, the short-term bear trigger has been defined at 378.24. A break would resume bearish activity and open 377.93 and potentially 373.98, the 61.8% and 76.4% retracement points of the move higher between Jun 12 - Aug 3. Initial support lies at 384.05, the 20-day EMA.
  • A short-term bullish condition in EURPLN has been established and yesterday’s strong gains reinforce current conditions. The rally resulted in a break of key resistance at 4.5040, the Jul 6 high. This strengthens the bullish condition and reinforces the reversal implications of the break through the 50-day EMA in August. Sights are on 4.6154 next, the May 1 high. On the downside, the first key support lies at 4.4970, the Aug 15 high and a recent breakout point. A pullback would be considered corrective.

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