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CEEMEA FX Price Signal Summary - EURPLN Outlook Remains Bearish

EMERGING MARKETS
  • A broader bearish theme in EURHUF remains intact. This week’s move lower from 383.55, Tuesday’s high, reinforces a bearish theme. A resumption of weakness would expose key support at 375.62, the Nov 14 low. Clearance of this level would resume the downtrend and open 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg. On the upside, a break of 383.55 would instead be bullish and this would open 384.23, the Nov 1 high, and potentially 386.29, the Oct 25 high.
  • A downtrend in EURPLN remains intact and Wednesday’s move lower reinforces this theme. The cross traded to a fresh trend low and confirmed a resumption of the downtrend. This signals scope for an extension towards 4.2870, the Mar 4 2020 low. Clearance of this level would open 4.2650, the Feb 19 2020 low. Initial resistance is at 4.3468, the 20-day EMA.
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