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CEEMEA FX Price Signal Summary: EURPLN Cracks Support

EMERGING MARKETS
  • EURHUF is consolidating and continues to trade near its recent lows. The outlook remains bearish and the 50-day EMA - at 359.56 - represents a key short-term resistance. Attention remains on 350.88, the Jan 13 low. This is a key support where a break would confirm a resumption of the downtrend and open 348.55, the Sep 16, 2021 low. A clear breach of the 50-day EMA would signal a possible reversal.
  • EURPLN remains soft and the cross traded sharply lower yesterday. The move lower has resulted in a break of 4.5088, the Jan 20 low and the bear trigger. This has confirmed a resumption of the downtrend that started on Nov 23 last year and signals scope for weakness towards 4.4503, the Jun 6 2021 low and 4.4360, the Jun 7 low from last year. 4.5440, the 20-day EMA marks resistance.
  • USDZAR is softer this morning. The key support levels to watch are; the Jan 21 low of 15.0669 and 15.0934, trendline support drawn from the Jun 7, 2021 low. This support is being challenged and a break would strengthen a bearish case and open 14.8637, the Nov 9 low. While it holds, a broader uptrend remains intact and the downleg since late November last year is considered corrective. A key short-term resistance has been defined at 15.7559, the Jan 31 high.
  • USDTRY remains in a tight range around the 20-day EMA. The outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 13.0248 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB remains soft. The pair has breached support the 50-day EMA to reinforce the current bear cycle and this signals scope for an extension towards 74.3819, the Jan 12 low. The bull trigger is at 80.4155, the Jan 26 high. Initial resistance is seen at 76.8226, the Feb 3 high.
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