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TECHS: CEEMEA FX Price Signal Summary: USDTRY Remains Vulnerable

EMERGING MARKETS
  • EURHUF is unchanged and short-term gains are still considered a correction. The outlook remains bearish and the downtrend that started Dec 31 is intact. The recent breach of 356.32, Jan 25 low opens 353.15 next, a major support and Dec 14 low.
    • On the upside, key resistance remains 361.14, Jan 27 high where a break is required to alter the picture. Initial resistance is at 359.66, Feb 9 high.
  • EURPLN last week failed to deliver a clear break of support at 4.4731, Feb 3 low. A breach of 4.5064/89, the 50-day EMA and Feb 12 high would signal scope for a stronger recovery. Key resistance is 4.5618, Jan 28 high. The recent low has been 4.4709, Feb 10. A break of this level would resume bearish pressure.
  • USDZAR weakness has reversed and the pair has entered a corrective phase. Tuesday's price pattern in candle terms is a bullish engulfing signalling scope for a short-term recovery. A break of 14.8267, 20-day EMA would open 15.0215, the 50-day EMA. Key support and the bear trigger has been defined at 14.4052, Feb 16 low.
  • USDTRY bearish conditions continue to dominate.
    • The pair has this week cleared 7.00 to maintain the bearish sequence of lower lows and lower highs.
    • This has opened 6.8568, the 50.0% retracement of the Nov 2018 - Nov 2020 uptrend.
    • The 20-day EMA at 7.1471 marks a firm resistance.
  • USDRUB earlier this week breached the base of the bull channel drawn off the Dec 17 low. Attention remains on 72.6566, the Dec 17 low. Resistance has been defined at 74.4674, the Feb 12 high.
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