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EUR/PLN Holds Choppy Range as Price Action Tests Bull Channel Lower Bound

POLAND
  • EUR/PLN trades flat to lower around the open this morning, tracking price action in EUR/USD.
  • The cross traded choppily in yesterday's session as hawkish taper remarks from Bullard and Kaplan sparked some volatility in the afternoon.
  • The NBP minutes rejected calls for hikes, opting to keep policy accommodative to support the recovery.
  • The majority of the MPC assessed risks to CPI as transitory aside from a number of defectors who stressed CPI in July was developing above forecasts – keeping uncertainty within the split panel relatively high in terms of timing of the first hike. EEU/PLN has held a broad range from 4.58-4.5657 this week -forming two consecutive spinning top candles around the lower bound of the bull channel pattern on the daily chart.
  • A close above the upper bound of the weekly range at 4.58 will likely reinforce the bull channel pattern, while a close below yesterday's low would signal a breakout lower.
  • Intraday Sup1: 4.5657, Sup2: 4.5594, Res1: 4.5792, Res2: 4.5851
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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