EU REAL ESTATE: LondonMetric Property (LMPLN): Guidance

• The trend structure in EURHUF is unchanged, the direction remains down. Today’s price action has resulted in a breach of key support at 387.56, the Oct 3 low. This confirms a resumption of the downtrend and exposes 386.70, the 1.236 projection of the Jan 7 - Mar 21 - Apr 14 price swing. The 1.382 projection is at 383.84. Key resistance to watch is 391.44, the 50-day EMA. A clear break of it is required to signal scope for a stronger recovery. Initial resistance is 389.59, the 20-day EMA.                 
• EURPLN maintains a firmer short-term tone as the cross extends the recovery from its recent lows. Price remains inside a range. Key short-term support lies at 4.2230, the May 15 low (recently pierced). Clearance of this level would strengthen a bearish theme and expose the 4.2000 handle. A break of 4.2230 would also highlight a range breakout. On the upside, key resistance to watch is 4.3102, the Apr 16 high. A move above this hurdle is required to instead resume an uptrend. First resistance is 4.2693, the Oct 10 high.

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