EUR/PLN to extend its rise on a daily close above the 4.6460 October high – Commerzbank

The EUR/PLN pair has overcome the 2009/2021 resistance line and 2020 peak at 4.6359/4.6460 which is bullish, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

Key quotes

“EUR/PLN’s advance has now taken it above the 2009-2021 resistance line at 4.6359 and also the October high at 4.6460 which is bullish. Having said that, only a rise above the 4.6460 October peak on a daily chart closing basis would put the 2004 and 2009 highs at 4.9302/4.9422 back on the cards.” 

“Upside pressure should retain the upper hand while the March 23 low at 4.5888 underpins on a daily chart closing basis. Below it the late January high can be seen at 4.5637 and the mid-January high at 4.5544. Further down undulates the 55-day moving average at 4.5437.” 

“Only unexpected failure at the 4.4704 February low would make us bearish and would eye the 4.4173 December low.”