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CEEMEA FX Price Signal Summary - EURPLN Trend Needle Points South

EMERGING MARKETS
  • EURHUF reversed course Wednesday and traded sharply higher. The cross traded above the 20-day EMA, at 377.37. The breach signals scope for a continuation higher that would open 381.98, the 50-day EMA. Note that current gains are considered corrective - a clear break of the 50-day average is required to signal a stronger reversal. On the downside, the bear trigger is 369.47, Apr 18 low. A break would resume the primary downtrend and open 366.41, the Mar 30 2022 low.
  • EURPLN remains in a downtrend and the cross has traded to a fresh cycle low today (before recovering). Support at 4.6620, the Mar 1 low, has recently been cleared and this break ended a period of consolidation. Note that Monday’s move lower resulted in a breach of 4.6270, the Dec 26 low, reinforcing bearish conditions. The focus is on the 4.60 handle (pierced) where a clear break would open 4.5781, the Jun 9 2022 low. Initial firm resistance to watch is 4.6551, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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