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TECHS: CEEMEA FX Price Signal Summary: EURHUF Retracement Extends

EMERGING MARKETS
  • EURHUF continues to retrace recent gains and is weaker again today. The bull rally stalled at the 364.27 area, 61.8% retracement area of the downleg between Mar 18 - Apr 12 - the high on Apr 23 was 364.40. A break of this level is required to reinstate a bullish focus that would open 366.16, the 76.4% handle. A deeper pullback would expose support at 356.27, Apr 12 low.
  • EURPLN traded higher Wednesday 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 remains within its recent consolidation range. This consolidation still appears to be a bear flag. If correct, it is a continuation pattern and reinforces current bearish conditions. The focus is on 14.0633, the 1.236 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Resistance is at 14.6265, the 50-day EMA.
  • USDTRY traded to a fresh high this week of 8.4851 on Apr 26 but has since pulled back. Despite the move lower, 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.
  • USDRUB is trading close to recent lows. The pair recently cleared support at 75.2275, Mar 31 low and this week's follow through opens 73.8370, 76.4% of the rally between Mar 16 - Apr 7. The 20-day EMA at 75.5773 marks initial resistance.
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