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TECHS: CEEMEA FX Price Signal Summary: EURHUF In Freefall

EMERGING MARKETS
  • EURHUF has sold off sharply today and remains under pressure. The break lower has resulted in a breach of the November, December 2020 lows and the February lows. This paves the way for weakness towards the 350.00 handle and potentially below. On the upside, initial resistance is seen at 353.15, Dec 14, 2020 low and today's key breakout level.
  • EURPLN maintains a bearish outlook but continues to trade within its recent range. Support at 4.5203, Apr 12 low and just above 4.5202, 76.4% of the Feb 10 - Mar 29 rally, has been probed but also continues to provide support. A clear break lower would suggest scope for a deeper sell-off to 4.50 and 4.4709, Feb 10 low. For bulls, clearance of 4.5931, Apr 28 high is needed to strengthen a bullish case. This would open 4.6088, Apr 5 high, and beyond.
  • USDZAR remains weak following the recent break to fresh trend lows. The 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 resistance is at 14.2573, the 20-day EMA.
  • USDTRY technical conditions remain bullish despite the current pullback. Last week's break of resistance at 8.4851, Apr 26 high reinforces the bullish theme. The focus is on 8.5793, the Nov 6 high and an important resistance. Initial firm support is seen at 8.2259, May 7 low.
  • USDRUB outlook remains bearish following the recent move lower and the reversal from the Apr 7 high. The focus is on 73.00 and 72.5385, Mar 16 low. Resistance is at 75.3590, the May 4 high. A break would be bullish.
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