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CEEMEA FX Price Signal Summary - EURPLN Remains Vulnerable

EMERGING MARKETS
  • EURHUF trend conditions remain bearish and the cross traded lower Wednesday. Moving average studies are in a bear-mode position and the break lower maintains the sequence of lower lows and lower highs. The focus is on 370.82, the 1.382 projection of the Oct 13 - Nov 10 - Dec 12 price swing. The 1.50 projection intersects at 366.58. Initial resistance is at the 20-day EMA that intersects at 382.80.
  • EURPLN remains vulnerable. Recent weakness has resulted in a break of the 4.7000 handle. The extension of the current bear cycle signals scope for a test of support at 4.6573, the Feb 2 low. Clearance of this level would strengthen a bearish argument and open 4.6270, the Dec 26 low and the next key support. Initial firm resistance to watch is at 4.7654, the Feb 22 high. A break would signal a reversal to bullish and expose key resistance at 4.7987, the Feb 14 high. First resistance is at 4.7203, the 50-day EMA.
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