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CEEMEA FX Price Signal Summary: EURPLN Reversal

EMERGING MARKETS
  • The recent EURHUF pullback appears to have been a correction. The cross maintains a bullish tone with the focus on $362.46, Jul 26 high. Clearance of this level would open 364.40, Apr 23 high. Initial firm support has been defined at 355.15, Monday's low.
  • EURPLN found support yesterday and the sharp reversal signals the end of recent bearish pressure. A key support has been defined at 4.5392, Thursday's low. Attention is on 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high.
  • USDZAR remains below recent highs. The trend outlook is bullish following last week's gains. Price has cleared 15.0807, 76.4% of the Aug 20 - Sep 10 downleg. This opens 15.3948 next, Aug 20 high. Support is seen at 14.7102, the 50-day EMA. Dips are considered corrective.
  • The USDTRY uptrend remains intact following the recent break of key resistance at 8.8008, Jun 2 high. This confirmed a range breakout and a resumption of the long-term uptrend. The move opens 9.0090 next, 1.236 projection of the Sep 10 - 20 - 22 price swing. Firm support is 8.8008.
  • USDRUB bearish activity resumed Thursday with the pair trading below support at 72.2462, Sep 15 low. The breach of this support opens 71.5542, the Jun 11 low. A break would expose 71.0838, 76.4% retracement of the Jun - Nov rally. Key near-term resistance is unchanged at 73.6208, Sep 20 high. Initial resistance is at 72.6879, the 20-day EMA.
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