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CEEMEA FX Price Signal Summary - EURPLN Bulls Currently Have The Upper Hand

EMERGING MARKETS
  • Despite its latest (shallow) recovery, EURHUF continues to trade closer to its recent lows. The bear leg that started early January cancels a recent bullish theme and instead highlights potential for a deeper sell-off near-term. The recent breach of support at 378.22, the Dec 14 low, has exposed key support at 375.62, the Nov 14 low. Initial resistance is at 380.81, the 50-day EMA.
  • EURPLN is trading higher today and in the process has breached resistance at 4.3749, the Jan 3 high. Note that the cross has also cleared the 50-day EMA. This highlights a stronger short-term bull cycle and signals scope for a continuation higher near-term. The next resistance is at 4.4096, the Oct 17 low. A break of this level would open 4.4477, the 38.2% retracement of the Sep - Dec bear leg last year. Note that the current bull phase appears to be a correction. The bear trigger lies at 4.2935, the Dec 13 low. Initial support is at 4.3309, the Jan 9 low.

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