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EURPLN Breaks Above 4.70

POLAND
  • Selling pressure remains elevated on PLN, with EURPLN breaking above the 4.70 level this morning, currently trading at its highest level since March 2009.
  • PLN has been one of the weakest EM currencies in recent weeks, down 3% against the USD and 1.6% against the Euro in the past 10 days.
  • The pair is currently testing the high of its LT upward trading channel; a break above that level would open the door for a move up to 4.7460.
  • On the downside, first support to watch stands at 4.70, followed by 4.66.

Source: Bloomberg/MNI

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