Free Trial

CEEMEA FX Price Signal Summary: EURPLN Continues To Trend Lower

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and the recent pullback is considered corrective. A bullish price sequence of higher highs and higher lows has been established and moving average studies continue to point north. The cross on May 16, probed 391.80, 76.4% of the Mar 7 - 30 downleg. A clear break would open 399.64, the Mar 7 high and the next key resistance. Firm support is seen at 378.10, the May 10 low. Today’s gains are a positive development and highlights initial support at 380.76, yesterday’s low.
  • EURPLN continues to trend lower and has traded out of its recent range. The pair has breached the 4.60 handle. A continuation lower would pave the way for a move towards support at 4.5588, the Apr 6 low. This is a key short-term support and a break would allow for a deeper retracement. On the upside, key resistance has been defined at 4.7279, the Apr 26 high.
  • The current USDZAR bear cycle remains in play and the pair has traded lower again today. Price is through the 20-day EMA and attention turns to the 50-day EMA, at 15.5232 ahead of the key support at 15.4112, May 4 low. The current retracement is still considered corrective. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger.
  • USDTRY is on the move again and has resumed its uptrend. Yesterday’s climb resulted in a break of the 16.00 handle and this paves the way for a climb towards 16.4488, 76.4% of the Dec 20 - 23 sell-off. A break of 16.4488 would open the 17.00 level. Initial firm support lies at 15.4492, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.