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CEEMEA FX Price Signal Summary: EURPLN Pullback Extends

EMERGING MARKETS
  • EURHUF has extended the pullback from 371.99, Nov 23 high and probed the 50-day EMA at 362.17. The cross has also bounced off today’s low of 360.99 though. The break lower does highlight potential for a deeper corrective pullback and has opened the 360.00 handle. On the upside, gains above the 20-day EMA at 365.18 would ease bearish pressure. The bull trigger is at 371.99.
  • EURPLN remains below last week’s high of 4.7416 on Nov 2 and has also traded lower today. Continued weakness has resulted in a break of the 50-day EMA and this has exposed support at 4.5699, the Nov 3 low. Initial resistance is at 4.6589, the Dec 1 high. A break is required to ease the bearish threat.
  • USDZAR trend needle still points north and short-term dips are considered corrective. Attention remains on a climb towards 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021. A clear breach of this level would signal scope for 16.7193, the Oct 15 2020 high ahead of 17.0823 further out, the 61.8% retracement. Support is seen at 15.6783, the 20-day EMA.
  • Tuesday’s break in USDTRY to a fresh all-time high reinforces once again the underlying uptrend. There is a good chance activity remains volatile however further USD appreciation is likely. The 20-day EMA at 11.4662 is an initial support.
  • USDRUB remains below recent highs and dips are considered corrective. The pair has recently breached resistance at 75.3497, Jul 8 high. This opens the 76.00 handle and 76.5806, the Apr 22 high. Firm support is seen at 72.7852, the 50-day EMA.

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