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EUR/PLN Tentatively Eyes 61.8% Fib Post-NBP intervention

CEE FX

CEE FX

  • EUR/PLN tracks lower to move through yesterday's lows at 4.4812 around the 50% fib for the 18 Dec FX intervention from the NBP.
  • Spot now targeting 61.8% fib (4.47) and below may be met with some resistance from the NBP
  • most traders still looking to fade the dips towards 4.47.
  • EUR/USD runs into resistance at 1.2250, but protracted USD weakness in thin markets could accentuate moves in EUR/CEE crosses.
  • EUR/HUF tracking PLN price action lower towards 362.00 support, but could run into some buying pressure if NBP raises the alarm about the currency again.
  • Limited local catalysts leave the cross exposed to global factors and developments in Poland.
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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