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CEEMEA FX Price Signal Summary - EURPLN Trend Outlook Remains Bearish

EMERGING MARKETS
  • EURHUF continues to trade above last week’s low. The recent recovery is a potential bullish development and suggests that the bear leg between Sep 28 - Oct 24, is over. If correct, this highlights a stronger reversal and potential for a continuation higher. The focus is on resistance at 389.20, the Oct 9 high. A break of this level would expose key resistance at 394.67, the Aug 3 high. On the downside, a break of 380.73, the Oct 24 low, would reinstate a bearish theme and open 378.24 instead, the Aug 30 low.
  • EURPLN remains vulnerable following the recent sharp sell-off. Short-term gains are considered corrective - for now - and this is allowing an oversold condition to unwind. The recent break below the 4.5000 handle signals scope for an extension towards 4.3986, the Jul 31 low and the next major support. A break of this level would open 4.3711, the Jun 3 2020 low. Resistance is at 4.5197, the 50-day EMA.
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