MNI China Daily Summary: Tuesday, December 31

MNI China Press Digest Dec 31: PBOC, Panda Bonds, EVs

MNI: PBOC Net Injects CNY93.6 Bln via OMO Tues

CHINA DEC MANUFACTURING PMI 50.1 VS 50.3 IN NOV

MNI: PBOC Sets Yuan Parity Lower At 7.1884 Tues; -2.65% Y/Y

MNI: China CFETS Yuan Index Down 0.13% In Week of Dec 27

MNI:US OCT FHFA HPI SA +0.4% V +0.7% SEP; +4.5% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.5% V YR AGO MO

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EMERGING MARKETS: CEEMEA FX Price Signal Summary - EURPLN Bear Leg Extends

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • The trend condition in EURHUF remains bullish and this week’s climb reinforces current trend conditions. The break to a fresh cycle high confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The next objective is 415.92, the Dec 13 2022 high. Scope is also seen for a climb towards 418.50, the 76.4% retracement of the Oct ‘22 - Jun ‘23 bear cycle. Initial support to watch is 408.98, the 20-day EMA. It has recently been pierced, a clear breach of the EMA would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 404.90. 
  • The latest steep pullback in EURPLN appears corrective. However, the cross has breached the 50-day EMA, at 4.3190. The clear break of the average signals scope for a deeper retracement, towards 4.2867, the Oct 14 low. On the upside, a stronger reversal higher would instead refocus attention on key short-term resistance at 4.3758, the Nov 6 high. Clearance of this level would expose 4.3826, the Jun 14 high and a key medium-term resistance. Initial resistance to watch is 4.3247, the 20-day EMA, and 4.3528, the Nov 21 high.
193 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The trend condition in EURHUF remains bullish and this week’s climb reinforces current trend conditions. The break to a fresh cycle high confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The next objective is 415.92, the Dec 13 2022 high. Scope is also seen for a climb towards 418.50, the 76.4% retracement of the Oct ‘22 - Jun ‘23 bear cycle. Initial support to watch is 408.98, the 20-day EMA. It has recently been pierced, a clear breach of the EMA would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 404.90. 
  • The latest steep pullback in EURPLN appears corrective. However, the cross has breached the 50-day EMA, at 4.3190. The clear break of the average signals scope for a deeper retracement, towards 4.2867, the Oct 14 low. On the upside, a stronger reversal higher would instead refocus attention on key short-term resistance at 4.3758, the Nov 6 high. Clearance of this level would expose 4.3826, the Jun 14 high and a key medium-term resistance. Initial resistance to watch is 4.3247, the 20-day EMA, and 4.3528, the Nov 21 high.