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EMERGING MARKETS: CEEMEA FX Price Signal Summary -  Bullish Extension In EURHUF

EMERGING MARKETS
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  • EURHUF continues to appreciate, with bulls clearly in the driver’s seat. This week’s gains have resulted in a breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. These two levels represented a key hurdle for bulls and the break confirms a resumption of the medium-term uptrend. With the 400.00 handle cleared, scope is seen for an extension towards 402.45 next, the Mar 20 high. Further out, sights are on 404.35, the Jan 3 high, and 408.77, the 61.8% retracement of the Oct 2022 - Jun 2023 bear leg. Initial firm support lies at 395.81, the 20-day EMA.  
  • A bearish theme in EURPLN remains intact and the latest recovery appears to be a correction - for now. However, the cross has traded through the 50-day EMA and this signals scope for a stronger short-term recovery. Furthermore, the cross has extended its break of the 50-day EMA and is firmer again, today. Resistance to watch is 4.3043, the Sep 12 high. A clear break of this hurdle would instead be bullish and this would open the 4.3200 handle and 4.3309, the Aug 9 high. On the downside, a reversal lower would refocus attention on 4.2471, the Jul 15 low and primary support. Initial firm support is at 4.2788, the 20-day EMA.
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  • EURHUF continues to appreciate, with bulls clearly in the driver’s seat. This week’s gains have resulted in a breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. These two levels represented a key hurdle for bulls and the break confirms a resumption of the medium-term uptrend. With the 400.00 handle cleared, scope is seen for an extension towards 402.45 next, the Mar 20 high. Further out, sights are on 404.35, the Jan 3 high, and 408.77, the 61.8% retracement of the Oct 2022 - Jun 2023 bear leg. Initial firm support lies at 395.81, the 20-day EMA.  
  • A bearish theme in EURPLN remains intact and the latest recovery appears to be a correction - for now. However, the cross has traded through the 50-day EMA and this signals scope for a stronger short-term recovery. Furthermore, the cross has extended its break of the 50-day EMA and is firmer again, today. Resistance to watch is 4.3043, the Sep 12 high. A clear break of this hurdle would instead be bullish and this would open the 4.3200 handle and 4.3309, the Aug 9 high. On the downside, a reversal lower would refocus attention on 4.2471, the Jul 15 low and primary support. Initial firm support is at 4.2788, the 20-day EMA.