EMERGING MARKETS: CEEMEA FX Price Signal Summary - EURPLN Bear Threat Remains Present
Mar-22 11:46
- EURHUF trend conditions remain bullish following recent gains and the latest pullback appears to be a correction. A resumption of gains would open 404.35, the Jan 3 high, ahead of the 410.00 handle. On the downside, key support and the bear trigger has been defined at 372.38, the Mar 1 low. Initial firm support is at 387.50, the 20-day EMA. A break of the average would expose 381.12, the Mar 13 low.
- EURPLN remains in a broad consolidation mode. However, the cross still appears vulnerable despite the bounce from 4.6620, the Mar 1 low. Recent weakness signals scope for a test of support at 4.6573, the Jan 4 low. Clearance of this level would strengthen a bearish argument and open 4.6270, the Dec 26 low and the next key support. Initial firm resistance to watch is 4.7304, 50.0% of the Feb 14 - Mar 1 bear leg.
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