Tomasz Wisniewski
Axiory Global Ltd.
In today’s technical analysis part, we are discussing an instrument that might be considered exotic but still moves very technically. In addition, you can surely trade it on our platform - the instrument is Euro to Polish Zloty – EUR/PLN.
EUR/PLN is currently in a key place where many traders will make a decision influencing the next few weeks of trading. A lot is at stake depending on these decisions. EUR/PLN is currently bouncing off a combination of two supports. The first one is the horizontal one on the 4.7 - a local top since the end of December.
In addition, you can spot the 38,2% Fibonacci here, which can be very often considered a key support. Last but not least, we have a mid-term up trendline connecting higher tops since the end of December. In other words, the price is currently flirting with ultimate support!
As a result, EURPLN bouncing off this area with a nice bullish candle would be an amazing buying opportunity with a target of 4.75 - the highs from the previous week. On the other hand, EURPLN closing a day below 4.7 would be a definite sell signal with a potential target of 4.63. As for now, with today’s bounce, the first option seems slightly more probable.
Trading FX/CFDs on margin bears a high level of risk, and may not be suitable for all investors. Before deciding to trade FX/CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. You can sustain significant loss.
Recommended Content
Editors’ Picks
GBP/USD battles 1.2300 ahead of BoE interest rate decision
GBP/USD is battling 1.2300, refreshing a five-month low.in European trading on Thursday. The pair is weighed by the Fed's hawkish stance and increased odds of a BoE rate hike pause, following a surprise fall in UK inflation and SNB's unexpected rates-on-hold decision.
EUR/USD keeps losses below 1.0650 amid firmer US Dollar
EUR/USD is trading close to weekly lows below 1.0650 in the early European morning on Thursday. The Fed, as expected, kept rates unchanged but indicated that one more rate hike before the year-end could be appropriate. US yields surges to multi-year highs, driving the US Dollar higher.
Gold remains steady around $1,930, focus on US data
Gold price hovers around $1,930 during the early trading hours of the European session on Thursday. Investors seem to shift their focus on upcoming US data after the US Federal Reserve's decision on policy rates.
Solana price sustains recovery rally despite falling daily active addresses
Sol shows strong bullish momentum, which has seen the ETH killer break out from a descending parallel channel. The daily active addresses on-chain metric fails to mirror this optimism.
SNB unexpectedly leaves Deposit Rate unchanged at 1.75%
At its quarterly monetary policy assessment on September 21, the SNB kept the benchmark Sight Deposit Rate on hold at 1.75%. The rate decision was against the market expectations of a 25 basis points (bps) rate hike to 2.0%.