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CEEMEA FX Price Signal Summary - EURPLN Gains Considered Corrective

EMERGING MARKETS
  • Trend conditions in EURHUF remain bullish, however, a corrective cycle is potentially still in play. A resumption of weakness would signal scope for a move towards 386.39, the Feb 22 low. Key short-term support and the bear trigger has been defined at $388.34, the Apr 5 low. For bulls, a stronger reversal would instead refocus attention on the key resistance and bull trigger at 399.75, the Mar 12 high. Initial resistance is at 395.77, the Apr 2 high.
  • The trend condition EURPLN remains bearish and last week’s break lower reinforces current conditions. Support at 4.2749, the Mar 11 low, has been cleared confirming a resumption of the downtrend and opens 4.2371, the Feb 14 2020 low. Initial firm resistance is seen at 4.3075, the 50-day EMA. A clear break of this average would signal scope for a stronger correction towards 4.3564, the Feb 7 high.
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