Free Trial

EUR/PLN Teeters On the Edge of Its Bull Channel Pattern

POLAND
  • EUR/PLN trades -0.04% lower this morning, paring yesterday's attempt at 4.58 resistance.
  • The cross flirted with the lower threshold of the bull channel in yesterday's session, forming a doji candle on the daily chart – reflecting uncertainty in the battle between bulls and bears.
  • Markets will eye the NBP minutes today for clues on divergences within the MPC on the timing of the first hike as inflationary pressures continue to tick higher above the NBP tolerance band.
  • A close below yesterday's low would break the bull channel pattern on the daily – opening up the 19 Aug low and 50dma as near-term supports below.
  • Political rumblings continue in Poland as the opposition tries to gather support to oust the Lower House Speaker and trigger a snap election.
  • Intraday Sup1: 4.5634, Sup2: 4.5594, Res1: 4.5738, Res2: 4.5792
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.