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EURPLN Finds Resistance Slightly Above 38.2% Fibo

  • EURPLN has been retracing sharply higher this week, finding resistance slightly above the 4.8030 level, which corresponds to the 38.2% Fibo retracement of the 4.4830 – 5.0020 range.
  • Next level to watch on the topside stands at 4.83 (LT downward trending resistance line).
  • On the downside, support to watch stands at 4.7420 (50% retracement).
  • The PLN weakness continues to leave Polish equities vulnerable in the near term; WIG20 index is down over 30% since it January high.
    • Key support to watch on the downside stands at 1,600.

Source: Bloomberg/MNI

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