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CEEMEA FX Price Signal Summary: The Recent EURHUF Pullback Is Considered Corrective

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and this week’s pullback is likely a correction. The cross traded higher Monday. A bullish price sequence of higher highs and higher lows has been established and moving average studies still point north. The cross on Monday, probed 391.80, 76.4% of the Mar 7 - 30 downleg. A clear break would open 399.64, the Mar 7 high and the next key resistance. Firm support is seen at 378.10, the May 10 low.
  • EURPLN remains slightly weaker but continues to trade inside its current range. The outlook is unchanged and remains bullish. The cross traded higher on Apr 26 and a resumption of gains would expose the key short-term resistance at 4.7867, Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support to watch is at 4.5588, the Apr 6 low. A break would be bearish.
  • USDZAR maintains a bullish tone, despite the most recent pullback. The strong recovery from 15.4112, May 4 low, reinforces a bullish theme. Sights are on; 16.3668, the Nov 26, 2021 high and the next major resistance, and 16.3815, 50.0% of the 2020 - 2021 bear leg. 15.4112, represents key support. Initial support lies at 15.8217, the 20-day EMA.
  • USDTRY maintains a bullish tone following recent gains and is trading at its highs. The pair is approaching the 16.00 handle, a break would open 16.4488, 76.4% of the Dec 20 - 23 sell-off. Initial firm support lies 15.1971, the 20-day EMA.
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