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TECHS: CEEMEA FX Price Signal Summary: EURHUF Finds Support

EMERGING MARKETS
  • EURHUF has found support. The trend is oversold and short-term gains are allowing the condition to unwind. The outlook remains bearish though. Attention is on 345.00 ahead of 343.65, Jul 31 2020 low. On the upside, initial resistance is seen at 353.15, Dec 14, 2020 low and the recent key breakout level.
  • EURPLN is trading closer to recent lows and remains bearish following last week's break of support at 4.5203, Apr 12 low and 4.5202, 76.4% of the Feb 10 - Mar 29 rally. This suggests scope for a deeper sell-off towards 4.4709, Feb 10 low. For bulls, clearance of 4.5931, Apr 28 high is needed to reverse direction. Initial resistance is seen at 4.5285, the 20-day EMA.
  • USDZAR maintains a bearish theme and has resumed its downtrend this week. The recent move through support at 14.1484, Apr 29 low opens 13.6235, the 1.382 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Key resistance has been defined at 14.5434, May 4 high. Initial firm resistance is 14.1989, May 13 high.
  • USDTRY is firmer and technical conditions remain bullish. The recent break of 8.4851, Apr 26 high reinforces this theme. The focus is on 8.5793, Nov 6 high and an important resistance. Initial firm support is seen at 8.2259, May 7 low.
  • USDRUB outlook remains bearish following recent weakness and the broader reversal from the Apr 7 high. The focus is on 73.00 and 72.5385, Mar 16 low. Resistance is at 74.6670, the May 12 high.
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