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CEEMEA FX Price Signal Summary - EURPLN Pierces The 50-Day EMA

EMERGING MARKETS
  • EURHUF is trading at its recent lows and maintains a softer tone. The cross reversed sharply late last week from the all-time high of 434.22 (Oct 13). The sell-off resulted in a break of the 20-day EMA. This strengthens the bearish significance of the move lower and note that the 50-day EMA at 410.97, has been pierced. This average represents the next key support and a clear break would open 404.22, the Sep 27 low. Last week’s high of 434.22 marks key resistance.
  • EURPLN is trading lower. The recent pullback is still considered corrective and the broader trend condition remains bullish. However, the cross has breached a number of important short-term support levels and has today pierced the 50-day EMA at 4.7736. A continuation lower would expose 4.7406, trendline support drawn from the Jun 8 low. Key resistance and the bull trigger is at 4.8980, the Sep 30 high. Initial resistance is seen at 4.8549, the Oct 17 high.
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