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EURPLN Consolidating But Maintains Bullish Theme

POLAND
  • EURPLN is consolidating but maintains a bullish tone. The cross recently cleared resistance at 4.8515, Jul 12 high. This confirmed a resumption of the uptrend that started late May and signals scope for 4.90 and 5.0019 further out, the Mar 7 high and a key resistance.
  • Noted in local press yesterday, Polish state development bank BGK has recently been more active in the FX market to slow down the weakening of the zloty, PAP newswire reports. They added that BGK declines to comment on activity.

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