October 24, 2024 11:15 GMT
EMERGING MARKETS: CEEMEA FX Price Signal Summary - EURHUF Breaches Resistance
EMERGING MARKETS
- A bull cycle in EURHUF remains intact and the contract traded higher yesterday. This resulted in a breach of 402.38, the Oct 7 high. The breach confirms a resumption of the uptrend. Sights are set 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 399.81, the 20-day EMA. Support at the 50-day EMA, is at 397.53.
- EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. Last week’s gains and this week’s extension are a positive development and highlight the end of the recent Oct 7 - 14 corrective pullback. The cross has traded through a key resistance at 4.3309, the Aug 9 high. Clearance of this level exposes 4.3506, the 76.4% retracement of the Jun 14 - Jul 15 bear leg. Clearance of this level would expose 4.3826, the Jun 14 high. Initial firm support is at 4.3044, the 20-day EMA.
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