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CEEMEA FX Price Signal Summary - EURPLN Tests Support

EMERGING MARKETS
  • EURHUF is trading at its recent lows. The cross traded lower last week and remains below its most recent high. The extension down undermines the recent bullish theme and attention is on key short-term support at 388.34, the Apr 5 low. It has been tested, a clear break of this level would reinstate a bearish theme and signal scope for weakness towards 386.39, the Feb 22 low. Initial resistance is at 391.47, the 20-day EMA. Key resistance has been defined at 395.98, the Apr 19 high.
  • EURPLN is unchanged and remains in consolidation mode. The cross recently reversed higher from its April lows and the recovery accelerated on Apr 16. This resulted in a break of resistance at 4.3268, the Mar 20 high. Note too that the cross has traded through both the 20- and 50-day EMAs. The breach highlights a short-term bull phase and signals scope for a climb towards the 4.40 handle. Initial support lies at 4.3010, the Apr 16 low. A clear break lower would expose key support at 4.2527, the Apr 9 low. Short-term weakness is considered corrective - for now.
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