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CEEMEA FX Price Signal Summary - Pullback In EURPLN Considered Corrective

EMERGING MARKETS
  • EURHUF has pulled back from its recent highs. The move lower is considered corrective, however, price has traded through the 50-day EMA, at 393.55. A continuation lower would signal scope for a deeper retracement, towards 388.82, the Jul 22 low. For bulls, attention is on a key resistance at 398.85, the Jun 14 high. It has been pierced, a clear break would reinforce a bullish theme and signal scope for a climb towards 399.75, the Mar 12 high and a key medium-term resistance.
  • EURPLN maintains a firmer tone despite the latest pullback. Last week’s gains resulted in a break of initial resistance at 4.3044, the Jul 25 high. The break undermines a recent bearish theme and signals scope for a test of 4.3321, the Jul 2 high and the next important resistance. Clearance of this level would strengthen the developing bullish theme and open 4.3460, the Jun 19 high. On the downside, key support is at 4.2671, the Jul 26 low. A break of this level would cancel a bullish theme and instead signal scope for a deeper retracement.
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