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CEEMEA FX Price Signal Summary - EURPLN Trend Needle Points South

  • A broader bearish theme in EURHUF remains intact, however, the cross traded higher last week and maintains a firmer short-term tone. This suggests scope for a continuation of the current corrective cycle. Price has breached the 50-day EMA, this opens 384.23, the Nov 1 high, and potentially 386.29, the Oct 25 high. On the downside, key support has been defined at 375.62, the Nov 14 low. A break would resume the downtrend and open 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg.
  • A downtrend in EURPLN remains intact and the recent consolidation - a bear flag - is seen as a pause in the bear cycle. 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 cleared. This signals scope for an extension towards 4.2870, the Mar 4 2020 low. Initial resistance is at 4.3593, the 20-day EMA.

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