May 29, 2024 11:03 GMT
CEEMEA FX Price Signal Summary - EURPLN Key Support Remains Exposed
EMERGING MARKETS
- EURHUF bearish conditions remain intact despite the latest recovery. The cross traded lower yesterday to confirm a resumption of the current downtrend. The move down signals scope for an extension towards 382.34, the Feb 1 low, ahead of the 380.00 handle. Note that moving average studies have recently crossed into bear-mode position, highlighting a downtrend. Initial firm resistance is at 389.11, the 50-day EMA. The 20-day EMA is at 387.13 today.
- EURPLN is in consolidation but remains at its recent lows and a bear cycle that started Apr 16, is still in play. The cross is also challenging key support at 4.2527, the Apr 9 low. A clear break of this level would confirm a resumption of the medium-term bear trend and open 4.2131, the 1.00 projection of the Jan 17 - Apr 9 - Apr 16 price swing. Firm resistance is at 4.2933, the 50-day EMA. Initial resistance is at the 20-day EMA, at 4.2754.
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