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CEEMEA FX Price Signal Summary: EURPLN Pulls Away From Last Week’s High

EMERGING MARKETS
  • EURHUF trend conditions remain bullish and the latest pullback is considered corrective. The recent print above resistance at 399.64, Mar 7 high confirms a resumption of the uptrend and attention is on 403.66, 0.764 projection of the Jan 13 - Mar 7 - 30 price swing. Moving average studies remain in a bull mode, highlighting current trend conditions. On the downside, a break of 387.15, the Jun 6 low is required to signal a potential top. Initial support is at 394.46, the 20-day EMA.
  • EURPLN has so far failed to hold onto its recent gains and the print above key resistance at 4.7279, Apr 26 high. A clear break of this resistance is required to strengthen bullish conditions and open 4.7867, the Mar 25 high. The move lower this week however is a short-term bearish development and attention is on the 4.6000 level and the key short-term support at 4.5588, the Apr 6 low. A break of the latter would be a bearish development.
  • USDZAR recently found support at 15.1685 on Jun 9. The subsequent recovery highlights a bullish reversal and attention is on 16.3237, the May 16 high and a bull trigger. The pair is trading lower today, however, short-term weakness is considered corrective and initial firm support is seen at 15.6334, the 50-day EMA. Key support has been defined at 15.1685.
  • USDTRY has again registered a fresh cycle high today, at 17.3956. The pair remains in an uptrend and recent gains reinforce bullish conditions. The 17.00 handle has been cleared and this opens 18.00 next ahead of last year's major high at 18.3633, on Dec 20. Firm support lies at 16.7838, the 20-day EMA.

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