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Tech Focus: CEEMEA FX Price Signal Summary: USDTRY Pushes Higher
- EURHUF maintains a short-term bullish tone and is holding onto gains following the recent climb from 356.27, Apr 12 low. Price has cleared the 50-day EMA and this opens 364.27, 61.8% of the sell-off between Mar 18 and Apr 12. Support is seen at 360.13, Apr 19 low.
- Key support in EURPLN is unchanged at 4.5203, Apr 12 low. This level coincides with 4.5202, 76.4% of the Feb 10 - Mar 29 rally.
- A clear breach of this support would suggest scope for a deeper pullback to 4.50 and 4.4709, Feb 10 low.
- Initial resistance is 4.5751, Apr 8 high ahead of 4.6088, Apr 5 high.
- USDZAR is consolidating. A bearish theme remains intact though, following last week's break lower and breach of key support at 14.3966, Feb 24 low.
- The move lower confirmed a resumption of the broader downtrend that started Apr 6, 2020.
- The pair is trading within a broad bear channel, drawn off the Apr 24, 2020 high. An attempted break in March failed to deliver a bullish reversal, reinforcing bearish trend conditions.
- The focus is on 14.0633, the 1.236 Fibonacci projection of the Apr - Jun - Aug 2020 price swing.
- Initial resistance is unchanged at 14.3966.
- USDTRY is firmer and maintains a bullish theme. The focus is on the key resistance at 8.4704, Mar 22 high. A break of this hurdle would open 8.5793, the Nov 6 high and an important resistance. Key support is unchanged at 7.6958, Mar 22 low. Initial support is also unchanged at 7.9886, Apr 2 low.
- Key directional parameters in USDRUB are unchanged at:
- 78.0406 resistance, Apr 7 high. This level also marks the bull trigger.
- Key support has been defined at 75.2275, Mar 31 low.
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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.