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PLN: EURPLN Trading at Session Low Following NBP, US ADP Data

PLN
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  • EURPLN is trading at a session low following the rate announcement, though the most recent move lower is more likely a function of the US ADP data rather than the NBP decision.
  • Given there had been unanimous expectations for a hold decision, attention will turn to Governor Glapinski’s press conference tomorrow for any clues on the trajectory of rates moving forward. The policy statement will be released today at 15:00BST/16:00CET.
  • For EURPLN, a break of support at 4.2715, Tuesday’s low, would be needed to reinstate a bearish theme. Price remains above the 50-day EMA at 4.2920, signaling scope for a stronger bounce towards 4.3248 and 4.3441, the 50.0% and 61.8% retracement points of the Apr 16 - May 28 bear leg.
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  • EURPLN is trading at a session low following the rate announcement, though the most recent move lower is more likely a function of the US ADP data rather than the NBP decision.
  • Given there had been unanimous expectations for a hold decision, attention will turn to Governor Glapinski’s press conference tomorrow for any clues on the trajectory of rates moving forward. The policy statement will be released today at 15:00BST/16:00CET.
  • For EURPLN, a break of support at 4.2715, Tuesday’s low, would be needed to reinstate a bearish theme. Price remains above the 50-day EMA at 4.2920, signaling scope for a stronger bounce towards 4.3248 and 4.3441, the 50.0% and 61.8% retracement points of the Apr 16 - May 28 bear leg.