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CEEMEA FX Price Signal Summary - EURPLN Resistance Remains Exposed

EMERGING MARKETS
  • EURHUF Traded lower yesterday. The break marks the end of the latest consolidative phase and confirms a clear breach of the 50-day EMA. This strengthens the current short-term bearish conditions and signals scope for a move towards 377.93 and potentially 373.98, the 61.8% and 76.4% retracement points of the move higher between Jun 12 - Aug 3. On the upside, initial resistance is at 384.71, the Aug 24 high - a break would highlight a possible reversal.
  • EURPLN is consolidating. Trend conditions remain bearish, however, recent gains signal scope for a stronger short-term corrective bounce. The cross has traded through the 50-day EMA - at 4.4651 - which has provided a firm resistance recently. The move higher exposes 4.5040, the Jul 6 high and a key resistance. Clearance of this level would signal scope for a stronger short-term recovery. On the downside, key support and the bear trigger lies at 4.3986, the Jul 31 low. A breach would resume the medium-term downtrend.
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