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CEEMEA FX Price Signal Summary - EURPLN Rebound Extends

EMERGING MARKETS
  • Bullish conditions in EURHUF remain intact and the latest bear cycle appears to be a correction - for now. However, support at 392.70, the 50-day EMA, has been breached. An extension of the current bear cycle would undermine the bullish theme and this would open 388.88 , the 61.8% retracement of the May 28 - Jun 14 bull leg. Moving average studies are in a bull-mode set-up, highlighting an uptrend. A resumption of gains would open 398.85, the Jun 14 high. Initial firm resistance is at 396.50, the Jul 9 high.
  • EURPLN has traded sharply higher today and this has resulted in a breach of the 20- and 50-day EMAs. For now, the move higher appears to be a correction. Key support and the bear trigger has been defined at 4.2471, the Jul 15 low. A reversal down and a break of this support would resume the recent bear cycle. For bulls, an extension higher would expose the next key resistance at 4.3321, the Jul 2 high.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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