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TECHS: CEEMEA FX Price Signal Summary: TRY Remains Vulnerable

EMERGING MARKETS
  • EURHUF remains soft following yesterday's resumption of the downtrend. Attention is on 345.00 ahead of 343.65, Jul 31 2020 low. Initial resistance is at 351.46, May 26 high.
  • EURPLN maintains a bearish tone. The cross resumed its downtrend yesterday and cleared a key support at 4.4709, Feb 10 low. This opens the 4.4500 handle. For bulls, initial resistance is at 4.5095, the 20-day EMA.
  • USDZAR is trading closer to recent lows and maintains a bearish theme. The focus is on 13.6235, 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 however is at 14.1989, May 13 high.
  • USDTRY spiked higher earlier today reaching 8.8008 before finding resistance.
    • The outlook remains bullish following the recent breach of a host of resistance levels that had capped gains between April 22 and May 14.
    • The pair has also cleared 8.5793, Nov 6, 2020 high.
    • The focus is on 8.9657 next, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing ahead of the psychological 9.00 barrier.
    • A firm support is seen at 8.2941, May 18 low.
  • The 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, May 12 high.
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