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EURCZK: On Its Way To 200DMA Resistance?

CZECHIA
  • Risk off sentiment has led to a sharp appreciation of the US Dollar in today's trading session, with EURUSD breaking below the 1.03 level to trade at its lowest level since December 2002.
  • The Euro weakness has been weighing on CEE FX, particularly HUF and PLN with the forint plunging to new all-time lows against the Euro and USD.
  • As Tuesday (July 5) and Wednesday (July 6) are bank holidays in Czech Republic, the price action will be reflected on Thursday on EURCZK.
  • Until now, EURCZK has found support at its 100DMA in the past month and has been trading within a tight range between 24.67 and 24.77; next resistance to watch above 24.77 stands at 24.8950 (200DMA).

Source: Bloomberg

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