January 11, 2023 11:55 GMT
CEEMEA FX Price Signal Summary - EURPLN Remains Below Resistance
- EURHUF remains closer to its recent lows and the latest bounce is considered corrective. The trend outlook is bearish, following the reversal from the Dec 12, 420.46 high and scope is for a deeper short-term pullback towards 391.55, the Aug 12 low. For bulls, initial firm resistance is at 404.43, the 50-day EMA. .
- The EURPLN outlook appears bearish. The cross breached support at 4.6528 in December, the Aug 15 low. This break confirmed the end of a period of consolidation and highlights a resumption of the downtrend. This has opened 4.6262 next, the Jun 21 low, ahead of the 4.6000 handle. Most recently, the cross has recovered from its lows but remains below resistance and short-term gains are considered corrective. Resistance to watch is 4.7220, the Dec 6 high. A break of this hurdle is required to suggest potential for a stronger recovery.