FX Emerging Markets Weekly 14 October 2013 |
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EUR/PLN is now trading below the 200 day moving average at 4.2019 and continues to look weak.
Further range trading, mostly with a negative bias, should be seen into year end with the currency pair expected to stay below the 4.3098 September high.
As long as this is the case the odds favour a retest of the September low at 4.1443.
Failure there on a weekly basis will mean that a top has been formed with the 200 week moving average at 4.1188 then being in focus. It should be reached by the end of the first quarter of 2014.
Good resistance can now be seen between the 55 day moving average at 4.2268 and the late September high at 4.2403.
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