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CEEMEA FX Price Signal Summary: EURPLN Eyes Key Support

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and gains last week reinforce current bullish conditions. Moving average studies are in a bull mode and attention is on 399.64, Mar 7 high and the next key resistance. Firm support is seen at 380.76, May 24 low. A break of this level would be seen as a bearish development.
  • EURPLN remains in a bear mode and is trading closer to its recent low. The cross is through the 4.60 handle - a clear breach of this level and a continuation lower has exposed 4.5588, Apr 6 low. This is a key short-term support and a break would allow for a deeper retracement, towards the 4.50 handle. On the upside, key resistance has been defined at 4.7279, the Apr 26 high. Initial resistance is at 4.6490, the 50-day EMA.
  • The current USDZAR bear cycle remains in play and the pair traded lower yesterday to a fresh monthly low. The pair has breached both the 20- and 50-day EMAs and attention is on 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. Note however that a break of 15.4412 would expose 15.1364, 61.8% of the Mar 31 - May 16 bull leg.
  • USDTRY continues to trade at its recent highs. The pair maintains a bullish tone following recent gains and the break of the 16.00 handle. Attention is on 16.4488 (76.4% of the Dec 20 - 23 sell-off) that has been tested. A clear break would open the 17.00 level. Initial firm support lies at 15.7388, the 20-day EMA.
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