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Small Move Higher For EURPLN Following The Unchanged Decision

PLN
  • A small blip higher in EURPLN following the decision as analysts had been split between unchanged and a 25bp hike. The currency pair maintains a bearish tone despite today’s gains.
  • The pair has recently cleared the 50-day EMA and cleared trendline support drawn from the Jun 8 low. A resumption of weakness would expose 4.6528 next, the Aug 15 low. Initial firm resistance is seen at 4.7506, the 50-day EMA.
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  • A small blip higher in EURPLN following the decision as analysts had been split between unchanged and a 25bp hike. The currency pair maintains a bearish tone despite today’s gains.
  • The pair has recently cleared the 50-day EMA and cleared trendline support drawn from the Jun 8 low. A resumption of weakness would expose 4.6528 next, the Aug 15 low. Initial firm resistance is seen at 4.7506, the 50-day EMA.