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EURPLN Dips Through Overnight Lows

PLN
Downside momentum in EURPLN has accelerated in recent trade, with the cross through both the 4.4000 handle and the overnight lows. While local headline flow has been relatively limited today, an unexpected improvement in Poland’s consumer confidence to its highest level since the onset of the Covid pandemic is potentially accounting for PLN outperformance compared to its CE3 peers.
  • Nevertheless, following the breach of both resistance at 4.3749 - the Jan 3 high - and the 50-day EMA, a short-term bull cycle in EURPLN remains in play. This week’s moves therefore signal scope for a continuation higher near-term, with the next resistance found at 4.4096, the Oct 17 low. The bear trigger lies at 4.2935, the Dec 13 low.
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