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Tech Focus: CEEMEA FX Price Signal Summary: EURHUF Still Trading Near Recent Lows

EMERGING MARKETS
  • EURHUF is trading closer to recent lows having recently retraced a portion of the rally between Apr 12 - 23. Resistance has been defined at 364.4, Apr 23 high where a break is required to reinstate a bullish focus. For bears, a deeper pullback would expose support at 356.27, Apr 12 low.
  • EURPLN traded higher Apr 28 and breached resistance at 4.5751, Apr 8 high. A stronger climb would open 40.6088, Apr 5 high. At present, recent gains appear corrective in nature. Key support is unchanged at 4.5203, Apr 12 low and just above 4.5202, 76.4% of the Feb 10 - Mar 29 rally. A clear break lower would suggest scope for a deeper pullback to 4.50 and 4.4709, Feb 10 low.
  • USDZAR is firmer however short-term gains are still considered corrective. Recent price activity continues to highlight a potential bear flag formation. If correct, it is a continuation pattern and reinforces a bearish case. The focus is on 14.0633, the 1.236 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Resistance is at 14.6214, the 50-day EMA.
  • USDTRY traded to a fresh high last week of 8.4851 on Apr 26. Despite the subsequent pullback, a bullish theme remains intact and dips are considered corrective.
    • Fresh gains would expose 8.5793, the Nov 6 high and an important resistance.
    • Key support is unchanged at 7.6958, Mar 22 low. Initial firm support is at 7.9886, Apr 2 low.
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