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CEEMEA FX Price Signal Summary - EURPLN Trend Needle Continues To Point South

EMERGING MARKETS
  • A bearish theme in EURHUF remains intact and short-term gains are considered corrective. The cross continues to find resistance at the 50-day EMA - at 381.47 today. A clear breach of the average is required to signal scope for a stronger retracement. This would open 384.23, the Nov 1 high. The recent break of support at 378.24, the Aug 30 low, strengthens a bearish theme and opens 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg.
  • A downtrend in EURPLN remains intact and this week’s move lower reinforced this condition. Support at 4.4096, the Oct 17 low, has recently been cleared. The break lower strengthens a bearish theme and confirms a resumption of the bear leg that started Sep 12. Note too that 4.3986, the Jul 31 low, has also been breached. This signals scope for an extension towards 4.2870, the Mar 4 2020 low. Initial resistance is at 4.3872, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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