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CEEMEA FX Price Signal Summary - Fresh Cycle Low In EURPLN

EMERGING MARKETS
  • EURHUF traded sharply higher last Wednesday and breached the 20-day EMA. A resumption of gains would open 381.53, the 50-day EMA. Note that recent 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 of this level would resume the primary downtrend and open 366.41, the Mar 30 2022 low.
  • EURPLN remains in a downtrend following last week’s continuation lower and the cross has traded to a fresh cycle low today. Support at 4.6620, the Mar 1 low, has recently been cleared and this break ended a period of consolidation. Note that last week’s move lower resulted in a breach of 4.6270, the Dec 26 low, reinforcing bearish conditions. The focus is on 4.5781 next, the Jun 9 2022 low. Initial firm resistance to watch is 4.6461, the 20-day EMA.
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