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CEEMEA FX Price Signal Summary - USDTRY Uptrend Extends And Is Approaching The 2021 High

EMERGING MARKETS
  • EURHUF has traded higher this week, extending the recovery from 394.07, Sep 8 low. The climb signals the end of the recent corrective pullback between Aug 24 - Sep 8. Price has breached resistance at 405.03, the Sep 5 high and the break opens the bull trigger at 416.89, the Jul 7 high. Key support is at 394.07. Today’s pullback is considered corrective.
  • EURPLN remains above its recent lows. Attention is on the first important resistance at 4.7887/8088, the Aug 24 and Jul 27 highs. A break of this zone would strengthen the case for bulls and expose 4.8515, the Jul 12 high. On the downside, an extension lower would open key short-term support at 4.6528, the Aug 15 low. A move below this level would be bearish.
  • The USDZAR trend condition is bullish and today’s climb reinforces this theme. The pair has recently traded above key resistance at 17.3060, Jul 14 high. This break highlights a resumption of the uptrend that started in June 2021 and maintains the bullish price sequence of higher highs and higher lows. The focus is on 17.9493, 76.4% of the 2020 - 2021 bear leg. Key short-term support has been defined at 16.9818, Tuesday’s low.
  • USDTRY trend conditions remain bullish and the uptrend has resumed. Scope is seen for a climb towards 18.3633, the Dec 20 2021 high and a key resistance. The 20-day EMA, at 18.1650 is the initial firm support to watch.
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