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CEEMEA FX Price Signal Summary: USDTRY Trades Above The Feb 24 High

EMERGING MARKETS
  • EURHUF has pulled back from recent highs. This is allowing an overbought condition to unwind. The trend condition though is bullish and the move lower is considered corrective. Support to watch is at 371.99, the Nov 23 2021 high and a recent breakout level. The bull trigger is Monday’s high of 399.64.
  • EURPLN has pulled back from Monday’s high of 5.0019. This is allowing an overbought condition to unwind following an impulsive bull run that started Mid February. Watch support at 4.7416, the Nov 23 2021 high and a former breakout level. The bull trigger is 5.0019.
  • USDZAR is lower but remains inside its recent range. Price has recently challenged the Feb 10 low of 14.9815 plus a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.2729. Price still needs to extend lower to reinforce the bearish significance of a breach of these levels. A break of 14.9133, Feb 17 low, would likely trigger a stronger sell-off and resume bearish pressure. Key resistance to watch is unchanged at 15.7559, the Jan 31 high.
  • USDTRY continues to climb and has traded above the 14.6462 high from Feb 24. The outlook is bullish and a clear break of this level would open 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 13.9204, the 20-day EMA.
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