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CEEMEA FX Price Signal Summary - EURPLN Resumes Its Downtrend

  • EURHUF is slightly weaker. The short-term outlook is bearish with resistance located at 416.03, the Oct 24 high. A break of this hurdle would be bullish and suggest scope for a stronger recovery instead. This would open 420.00 and above. On the downside, initial support is at 404.39, the Nov 23 low. It has been pierced, a clear breach of this level would strengthen a bearish case and expose support at 398.30, the Nov 10 low.
  • EURPLN conditions remain bearish and the cross is trading lower today. The October breach of trendline support drawn from the Jun 8 low strengthened the case for bears. The trendline provided resistance on Nov 16. Today’s move lower confirms a resumption of the downtrend - support at 4.6690, the Nov 8 low, has been breached. This opens 4.6528 next, the Aug 15 low ahead of 4.6262, the Jun 21 low. Initial firm resistance is seen at 4.7848, the Nov 16 high.

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