FX Emerging Markets Weekly 17 February 2014

EUR/PLN – Daily Chart


Retests the 4.1517/4.1283 support zone which should continue to underpin. Favour a rebound


EUR/PLN’s sharp decline from its 4.2648 January high has taken it all the way back to the 4.1424 level, which is within the 4.1517/4.1283 major support area which we still expect to underpin. It is where the September, November, December and January lows were made.

In case of unexpected failure at 4.1283, the April low at 4.0928 would be back in the picture.

Minor resistance is seen around the 4.1890/4.1926 January 10 high with more resistance being seen between the 200 day moving average at 4.2148 and the November peak and 38.2% Fibonacci retracement of the June-to-December decline at 4.2204/09.

We no longer believe that the 61.8% Fibonacci retracement of the June-to-December decline at 4.2782 and the 4.3000 region will be reached.

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