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EUR/PLN drops further on NBP decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Polish zloty is picking up further pace today, dragging EUR/PLN to fresh daily lows in the 4.2340 region.

    EUR/PLN weaker post-NBP

    The cross has accelerated its daily decline after the Polish central bank (NBP) has left unchanged its benchmark rate at 1.5% at its meeting today, broadly in line with prior surveys.

    The cross continues its march lower following the increasing weakness surrounding the euro, and extending its rejection from recent tops just beyond the 4.30 handle.

    EUR/PLN significant levels

    The cross is retreating 0.30% at 4.2373 facing the next support at 4.2266 (76.4% Fibo of 4.2034-4.3022) ahead of 4.2062 (100-day sma) and then 4.1568 (200-day sma). On the other hand, a break above 4.2667 (high Nov.2) would aim for 4.2789 (23.6% Fibo of 4.2034-4.3022) and finally 4.3022 (high Oct.28).
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