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CEEMEA FX Price Signal Summary - EURPLN Support Remains Intact

EMERGING MARKETS
  • EURHUF has pulled back from this week’s high of 393.35 (Jun 4). Gains earlier in the week resulted in a breach of an important hurdle at 391.27, trendline resistance drawn from the Mar 12 high. A clear break of this line would signal scope for an extension towards 395.73, 76.4% of the Mar 12 - May 28 bear leg. On the back of the latest move lower, key resistance and the bull trigger has been defined at 393.35. The next support is at 388.68, the 20-day EMA. A clear breach of this EMA would instead be a bearish development and expose 387.76, the May 30 low, and 386.78, 61.8% of the May 28 - Jun 4 climb.
  • EURPLN has recently recovered from its latest lows and has traded above resistance at the 50-day EMA, at 4.2913. A clear break of the EMA would signal scope for a stronger bounce and opens 4.3248 and 4.3441, the 61.8% and 76.4% retracement points of the Apr 16 - May 28 bear leg. To reinstate a recent bearish theme, the cross needs to trade through support at 4.2715, Tuesday’s low.
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