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PLN: EUR/PLN Trading Near Initial Support Level as Sell-Off Extends

PLN

The core CPI figures for July came in a touch above expectations, though prompted only a moderate and brief slide in EURPLN. The cross has shed 1.15% since the start of Monday trade, owing to the renewed optimism for global equities, and is now within close proximity to initial support at 4.2671, the Jul 26 low. A break here could signal scope for an extension lower towards key resistance and a multi-year low at 4.2471, printed on May 28 and Jul 15.

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