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EUR/PLN Choppy As Traders Test NBP's Resolve

POLAND
  • EUR/PLN trading lower in line with broad risk-on sentiment.
  • Spot holding around 4.5302 level after breaking it early in the session.
  • Spinning top candle formed in yesterday's price action indicating slight indecision post-core CPI (+3.7% Y/Y).
  • Four sequential topside wicks on daily candles suggesting selling pressure into rallies beyond 4.5464, roughly 1.00 -1.40% above the NBP's line on the sand for FX intervention.
  • Focus today on budget balance data, but global factors likely to be the key price action driver.
  • Sup1: 4.5227, Sup2: 4.5179, Res1: 4.5368, Res2: 4.5414.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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