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CEEMEA FX Price Signal Summary: EURPLN Clears Support

EMERGING MARKETS
  • EURHUF remains weak following the sharp slide this week . The move lower resulted in a breach of the November, December 2020 lows and the February lows. The cross has also probed the 350.00 handle. Potential remains for an extension lower with the focus on 347.22 next, Aug 19 2020 low. On the upside, initial resistance is seen at 353.15, Dec 14, 2020 low and the recent key breakout level.
  • EURPLN has cleared support at 4.5203, Apr 12 low and just above 4.5202, 76.4% of the Feb 10 - Mar 29 rally. The break lower suggests scope for a deeper sell-off towards 4.4709, Feb 10 low. For bulls, clearance of 4.5931, Apr 28 high is needed to strengthen a bullish case. This would open 4.6088, Apr 5 high, and beyond.
  • USDZAR is range bound but a bearish theme remains intact. The recent move through support at 14.1484, Apr 29 low opens 13.6235, the 1.382 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Key resistance has been defined at 14.5434, May 4 high. Initial resistance is at 14.2083, the 20-day EMA.
  • USDTRY technical conditions remain bullish. Last week's break of 8.4851, Apr 26 high reinforces this theme. The focus is on 8.5793, Nov 6 high and an important resistance. Initial firm support is seen at 8.2259, May 7 low.
  • USDRUB outlook is bearish following the recent move lower and the reversal from the Apr 7 high. The focus is on 73.00 and 72.5385, Mar 16 low. Resistance is at 74.6670, the May 12 high.
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