The EUR/PLN’s recent swift descent has the 4.5001/4.4704 zone in its sights, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, briefs.
EUR/PLN’s March high sits at 4.6815
“EUR/PLN’s recent descent is ongoing with the 200-day moving average at 4.5001 and the February low at 4.4704 remaining in focus. In this vicinity the cross is expected to stabilise, at least temporarily. If not, the October low at 4.4552 would be next in line below which the December trough can be spotted at 4.4173.”
“Minor resistance can now be seen at the 4.5637 late January high as well as at the 4.5778 April 2 low. Further minor resistance above the next higher 4.6220 December high can be found at the 4.6460 October peak as well as at the 4.6815 March peak.”
“Only an unexpected rise above the 4.6815 March peak on a daily chart closing basis would put the 2004 and 2009 highs at 4.9302/4.9422 on the cards.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.