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CEEMEA FX Price Signal Summary - EURPLN Trend Outlook Remains Bearish

EMERGING MARKETS
  • EURHUF traded higher last week and is holding on to the bulk of its recent gains. The cross has traded through the 50-day EMA and this exposes 380.29, the Apr 20 high and a key resistance. A clear break of this level would suggest scope for a stronger recovery. The primary trend direction remains down, a breach of 368.05, May 16 low, would confirm a resumption of the trend and open 366.41, the Mar 30 2022 low.
  • A sharp recovery in EURPLN from last Wednesday’s low of 4.4784, appears at this stage to be a correction and the bounce is allowing an oversold trend condition to unwind. A resumption of weakness would open 4.4360, the Jun 7 2021 low. Initial firm resistance to watch is at 4.5573, the 20-day EMA.

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