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CEEMEA FX Price Signal Summary: EURPLN Needle Still Points North

EMERGING MARKETS
  • EURHUF traded lower yesterday, the move is likely a correction. The cross Monday confirmed a clear break of 360.02, 61.8% of the Mar - Jun downleg. The move higher opens 363.53, the 76.4% retracement and 364.40, Apr 23 high. Support is at 356.90, Jul 22 low.
  • The EURPLN needle still points north. The breach mid-July of former resistance at 4.5642, Jun 18 high confirmed a resumption of the uptrend that started Jun 7 and opens 4.6000 (tested recently) and 4.6224, 76.4% of the Mar 29 - Jun 7 downleg. Firm support is seen at 4.5309, Jul 15 low.
  • USDZAR is trading near recent highs. The outlook is bullish. The pair recently breached 14.5180, Jul 2 high to confirm a resumption of bullish conditions and open 15.00 and 15.0627, 76.4% of the Mar 8 - Jun 7 sell-off. 15.1000 also represents a key resistance and is the Mar 26 high. Firm support is at 14.3361, Jul 16 low.
  • USDTRY continues to consolidate in a tight range and just above the 50-day EMA. Trend conditions are bullish however with the focus on 8.8008, Jun 2 high. A break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support is at 8.2860, Jun 11 low.
  • USDRUB continues to pull away from recent highs. The move lower is likely a correction and attention is on support at 73.1595, Jul 6 low. A bullish theme dominates while this support holds and the bull trigger is at 75.3497, Jul 8 high. A break below 73.1595 would open 72.0405 instead, Jun 25 low.
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