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CEEMEA FX Price Signal Summary - EURPLN Trend Structure Remains Bearish

  • A bull cycle in EURHUF remains intact. Resistance at 383.55, the Dec 12 high, has been breached. The break undermines the recent bearish theme and instead strengthens a developing bullish one. A continuation higher would open 386.29, the Oct 25 high and 389.20, the Oct 9 high. Key short-term support has been defined at 378.22, the Dec 14 low.
  • A downtrend in EURPLN remains intact and the Dec 13 move lower reinforces this theme. The cross traded to a fresh trend low and confirmed a resumption of the downtrend. This signals scope for an extension towards 4.2870, the Mar 4 2020 low. Clearance of this level would open 4.2650, the Feb 19 2020 low. Price has recovered from recent lows and pierced the 20-day EMA. A continuation higher would expose the 50-day EMA, at 4.3898. Gains are considered corrective.

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