September 11, 2023 11:12 GMT
CEEMEA FX Price Signal Summary - EURPLN Tests A Key Resistance Zone
- EURHUF remains bullish following the recent recovery from 378.24, the Aug 30 low. The latest pullback is considered corrective. And support to watch lies at 382.31, the 50-day EMA. The cross has recently breached resistance at 384.71, the Aug 24 high. Furthermore, 391.64, the Aug 21 high, has been pierced. Clearance of this level would open 394.67, the Aug 3 high and a key resistance. On the downside, a clear break of the 50-day EMA would be bearish and instead, expose 378.24.
- EURPLN rallied sharply higher last week and traded through the 4.6000 handle. The cross has started this week on a bullish note and is again trading higher. Attention is on key resistance at 4.6462, a trendline drawn from the Sep 30 2022 high. This is just below 4.4683, the 50.0% retracement of the Sep 2022 - Jul bear leg. This zone is being tested, a clear break would strengthen the current bullish theme and open 4.6746, the Apr 12 high. Initial support is at 4.5668, the Sep 7 low.