February 06, 2023 12:16 GMT
CEEMEA FX Price Signal Summary - EURPLN Recovers From Last Week’s Lows
- EURHUF trend conditions remain bearish. Thursday’s move lower confirmed a resumption of the downtrend - support at 386.22, the Jan 26 low, has been breached. This signals scope for weakness towards 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 392.35, the 20-day EMA. The 50-day EMA intersects at 397.89.
- EURPLN is trading higher today, extending Friday’s gains. The move higher highlights a potential bullish development and a short-term support has been defined at 4.6787, the Feb 2 low. A continuation higher would open 4.7453, the Jan 19 high and a bull trigger. Clearance of this level would expose 4.7625, the 50.0% retracement of the Sep 30 - Dec 26 bear leg. On the downside, a break of 4.6787, would be bearish.