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EURHUF Outlook Remains Bearish

EMERGING MARKETS
  • EURHUF is trading above its recent lows, but the cross maintains a softer tone. This follows the recent sharp reversal from the Dec 12, 420.46 high. The move lower cancels the recent (bullish) break of resistance at 416.03, the Oct 24 high and instead signals scope for a deeper short-term pullback that has exposed 398.30, the Nov 10 low. This level was probed on Dec 26. A clear break would open 394.07, the Sep 8 low. For bulls, a break of 420.46 is required to reinstate a positive theme. Initial resistance is at 407.30, the 50-day EMA.
  • EURPLN traded lower last week, breaching support at 4.6595, the Nov 30 low, followed by a breach of 4.6528, the Aug 15 low. The break lower confirms the end of the recent period of consolidation and resumes the downtrend. This has opened 4.6262 next, the Jun 21 low, ahead of the 4.6000 handle. Resistance is at 4.7220, the Dec 6 high The cross has recovered from its recent lows, however, the most recent recovery is considered corrective.
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EM BulletHomepagemarkets-real-timeCommoditiesBulletEmerging Market News

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