October 17, 2024 10:59 GMT
EMERGING MARKETS: CEEMEA FX Price Signal Summary - EURPLN Bounce Extends
EMERGING MARKETS
- A bull cycle in EURHUF remains intact and the contract is trading closer to its recent highs. 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. 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 398.95, the 20-day EMA.
- EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. Today’s rally is a positive development and highlights the end of the recent Oct 7 - 14 corrective pullback. A continuation higher would expose the next important resistance at 4.3309, the Aug 9 high. Clearance of this level would expose 4.3460, the Jun 19 high. Initial firm support is at 4.2889, the 50-day EMA (pierced). Support below the average, is at 4.2689, the Sep 30 low.
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