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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • EURHUF is weaker again today.
    • The cross is below 360.35, 61.8% of the rally between Feb 2 and Mar 18.
    • This break exposes at 358.73, a trendline support drawn off the Jul 31, 2020 low.
    • A clear breach of the trendline would highlight scope for an extension of the current bear leg.
    • Resistance is at 363.87, Mar 31 high.
  • The recent pullback in EURPLN is considered corrective. Recent activity though suggests the pullback appears likely to extend.
    • A recent bear flag formation (continuation pattern) suggests the recent consolidation is a pause in the downtrend. Today's weakness is highlighting a resumption of the current bearish theme.
    • Attention is on the 50-day EMA at 4.5705. A clear break would strengthen a bearish case and open 4.5489, 61.8% of the rally between Feb 10 - Mar 29.
    • Initial resistance is at 4.6088, Apr 5 high ahead of 4.6364, Apr 1 high.
  • USDZAR maintains a bearish short-term tone following the recent move lower from 15.5726, Mar 8 high and the extension lower this week. Scope is seen for a pullback towards 14.3966, Feb 24 low. Initial resistance is at 15.1000, Mar 26 high. The reversal trigger for bulls is 15.5726, Mar 8 high.
  • USDTRY maintains a bullish tone with attention on 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 has been defined at 7.6958, Mar 22 low.
  • USDRUB has traded higher today registering a high print of 78.0089 before pulling back. 77.7370, 61.8% retracement of the Nov 2020 - Mar downleg has been probed. A clear break would open 76.6579, the Mar 24 high and a recent breakout level.
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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