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CEEMEA FX Price Signal Summary - EURPLN Recovery A Possible Reversal Signal

EMERGING MARKETS
  • Bullish conditions in EURHUF remain intact and the latest pullback appears to be a correction. Support to watch lies at 392.41, the 50-day EMA. A clear break of this average is required to undermine the bullish theme. Moving average studies are in a bull-mode set-up, highlighting an uptrend. Recent gains resulted in a print above 395.73, 76.4% of the Mar 12 - May 28 bear leg. This signals scope for an extension towards 399.75 next, the Mar 12 high and a key resistance.
  • EURPLN remains vulnerable following the reversal from the Jun 14 high. However, the latest recovery is a positive development and potentially an early reversal signal. A continuation higher would refocus attention on 4.3826, the Jun 14 high. Initial resistance is at 4.3360, the Jun 21 high. On the downside, a reversal lower would instead resume the bear cycle and expose 4.2791, 76.4% of the May 28 - Jun 14 rally.

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