FX Emerging Markets Weekly 03 February 2014

EUR/PLN – Daily Chart

Still has the 61.8% Fibonacci retracement at 4.2782 and the 4.3000 region in its sights

EUR/PLN’s surge higher took it to 4.2648 on Friday, close to the 61.8% Fibonacci retracement of the June-to-December decline at 4.2782 which is our next target.
We still target the 4.3000 region and the September high at 4.3098 over the coming weeks and months.
This view and the bottoming formation will remain valid while EUR/PLN trades above its late January low at 4.1714.
Support above this level comes in between the 4.2344 January 27 high and the November peak at 4.2204.
Further support can be seen along the 200 day moving average at 4.2136 and then around the 4.1926 January 10 high.
As long as EUR/PLN trades above the January 21 low at 4.1531, we will retain our medium term bullish forecast.

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