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EMERGING MARKETS: CEEMEA FX Price Signal Summary -  Corrective EURHUF Pullback

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • A bull cycle in EURHUF remains intact and the latest pullback appears to be a correction. Recent gains 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 398.32, the 20-day EMA.
  • EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. This suggests that the latest sell-off is likely a correction. The cross has recently cleared resistance at 4.3043, the Sep 12 high. The clear break is bullish and opens 4.3309, the Aug 9 high and the next key resistance. Clearance of this level would open 4.3460, the Jun 19 high. Initial firm support is at 4.2881, the 50-day EMA (pierced). Support below the average, is at 4.2689, the Sep 30 low.
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  • A bull cycle in EURHUF remains intact and the latest pullback appears to be a correction. Recent gains 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 398.32, the 20-day EMA.
  • EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. This suggests that the latest sell-off is likely a correction. The cross has recently cleared resistance at 4.3043, the Sep 12 high. The clear break is bullish and opens 4.3309, the Aug 9 high and the next key resistance. Clearance of this level would open 4.3460, the Jun 19 high. Initial firm support is at 4.2881, the 50-day EMA (pierced). Support below the average, is at 4.2689, the Sep 30 low.