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CEEMEA FX Price Signal Summary - EURPLN Remains Above Support

EMERGING MARKETS
  • EURHUF has traded lower this week and remains below its most recent high. The gains off the Apr 5 low continue to highlight a strengthening bullish theme and suggest that the corrective pullback between Mar 12 - Apr 5 is over. A resumption of bullish price action would open the key resistance and bull trigger at 399.75, the Mar 12 high. Attention is on initial resistance at 395.77, the Apr 2 high. It has recently been pierced, a clear break would be a positive development. On the downside, clearance of 388.34, the Apr 5 low, is required to reinstate a bearish theme.
  • EURPLN recently reversed higher from its April lows and the recovery accelerated on Apr 16. This resulted in a break of resistance at 4.3268, the Mar 20 high. Note too that the cross is through both the 20- and 50-day EMAs. The breach highlights a short-term reversal and signals scope for a climb towards the 4.40 handle. Initial support lies at 4.3130, the 20-day EMA. Key support is at 4.2527, the Apr 9 low. Short-term weakness is considered corrective.
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