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CEEMEA FX Price Signal Summary - EURPLN Rally Extends

EMERGING MARKETS
  • EURHUF trend conditions remain bearish. The cross traded lower Thursday and pierced support at 384.43, the Feb 3 low. A clear break of this level would confirm a resumption of the downtrend and open the 380.00 handle and 376.06, the 1.236 projection of the Oct 13 - Nov 10 - Dec 12 price swing. Initial resistance is at the 50-day EMA that intersects at 396.70. A clear break of the EMA is required to signal scope for a stronger recovery - towards 401.20, the Nov 17 high.
  • EURPLN is trading higher today, extending the reversal from 4.6787, the Feb 2 low. The cross has cleared resistance at 4.7453, the Jan 19 high and a bull trigger. The continuation higher has exposed 4.7945, the 61.8% retracement of the Sep 30 - Dec 26 bear leg. The 76.4% retracement is at 4.8340. On the downside, a break of 4.6787 would reinstate a bearish theme. Initial support is at 4.7217, the Feb 8 low.
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