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EURPLN Breaks Back Above 4.70 Following Weaker-Than-Expected GDP Data

POLAND
  • PLN has been depreciating sharply following the weaker-than-expected GDP data; EURPLN broke back above the 4.70 level this morning and is gradually approaching the 4.7180 resistance (50DMA).
  • Next key level to watch on the topside stands at 4.7420, which corresponds to the 50% retracement of the 4.4830 – 5.0010 range.
  • On the downside, support to watch stands at 4.68 (61.8% FIbo).

Source: Bloomberg

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