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CEEMEA FX Price Signal Summary: EURPLN Challenges Key Resistance Zone

EMERGING MARKETS
  • EURHUF trend conditions remain bullish. The cross has traded higher today to confirm a resumption of the uptrend - resistance at 404.76, the Jun 27 high has been breached. This also confirms an extension of the bullish price sequence of higher highs and higher lows and sets the scene for a climb towards the 410.00 handle. On the downside, key support is seen at the 50-day EMA at 391.07.
  • EURPLN has traded higher today too and in the process has delivered a print above 4.7446, the Jun 16 high and 4.7279, the Apr 26 high. A clear breach of this resistance zone would strengthen bullish conditions and open 4.7867, the Mar 25 high. Key support has been defined at 4.6483, the Jun 30 low.
  • USDZAR maintains a bullish tone and the pair is holding on to the bulk of its recent gains. Major resistance at 16.3668, the Nov 26 2021 high, has been breached. The break confirms a resumption of a broader uptrend that started in June 2021. This sets the scene for an extension higher towards 16.50 next while further out, there is scope for a climb towards 16.7361, the 1.00 projection of the recent Jun 9 - 13 - 15 price swing. Initial firm support is at 16.0075, the 20-day EMA.
  • USDTRY trend conditions remain bullish despite the recent pullback. Key short-term support has been defined at 16.0956, the Jun 27 low, and lies just below the 50-day EMA at 16.2897. A break of these two support levels is required to signal scope for a stronger bearish reversal. On the upside, the bull trigger is unchanged at 17.4446, the Jun 22 high.
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