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Free AccessEURCZK: On Its Way To 200DMA Resistance?
- 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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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.