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CEEMEA FX Price Signal Summary - EURPLN Gains Highlight A Bullish Development

EMERGING MARKETS
  • The EURHUF outlook remains bullish despite the latest pullback. Price has recently breached resistance at 405.03, the Sep 5 high and the break strengthened a bullish case and has opened the bull trigger at 416.89, the Jul 7 high. Key support is unchanged at 394.07, the Sep 8 low. A break would reinstate a bearish theme.
  • EURPLN traded higher Tuesday and is firmer today. This is a positive development and strengthens a bullish case. Attention is on the first important resistance at 4.7887/8088, the Aug 24 and Jul 27 highs. A break of this zone would further strengthen the case for bulls and expose 4.8515, the Jul 12 high. On the downside, key short-term support is at 4.6528, the Aug 15 low. A move below this level would be bearish. Initial support to watch lies at 4.6888, Sep 12 low.
  • The uptrend in USDZAR remains intact. The pair has recently traded above key resistance at 17.3060, Jul 14 high. This break highlights a resumption of the uptrend that started in June 2021 and maintains the bullish price sequence of higher highs and higher lows. Sights are on 17.9493, 76.4% of the 2020 - 2021 bear leg. Key short-term support has been defined at 16.9818, the Sep 13 low.
  • USDTRY trend conditions remain bullish and the pair continues to appreciate. Price is approaching 18.3633, the Dec 20 2021 high and a key resistance. The 20-day EMA, at 18.1965 is the initial firm support to watch.
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