The euro is seen to depreciate versus emerging market currencies

EUR/PLN: Is seen dropping towards the May low at 3.8933.

EUR/HUF: Trades back within the 265.00/263.06 support zone which may soon give way, however.

EUR/CZK: Is about to fall through the 2011 support line at 24.105 and should retest the April low at 24.04.

USD/TRY: Continues to range trade and still hovers around the 61.8% Fibonacci retracement at 1.5752.

USD/ZAR: Is still being sidelined but flirts with the 55 day moving average at 6.7876.

Rouble Basket: Should continue to trade further within its three month 33.99-33.04 trading range.

 

 

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Technical Research