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EURCZK Finds Resistance At 100DMA

CZECHIA
  • EURCZK has been testing its 100DMA (25) in the past two days following the strong koruna depreciation this week.
  • The 25 level also corresponds to the 38.2% Fibo retracement of the 24.09 – 26.45 range (2021 / 2022 high low)
  • A break above that level would open the door for a move up to 25.24 (200DMA).
  • On the downside, support to watch stands at 24.56 (50DMA).
  • Yesterday, the CNB mentioned that its is ‘ready to act’ at any time to excessive CZK fluctuations.

Source: Bloomberg

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