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FX Emerging Markets Weekly 27 January 2014 |
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EUR/PLN’s surge higher took it to 4.2260 on Friday, thus slicing through the 2013-14 resistance line at 4.1946.
EUR/PLN’s surge higher took it to 4.2260 on Friday, thus slicing through the 2013-14 resistance line at 4.1946.
This view and the bottoming formation will be confirmed by a daily close above Friday’s high at 4.2260.
Upside targets are the 4.2403 late September high and the 50% retracement of the June-to-December descent at 4.2495 as well as the 61.8% Fibonacci retracement at 4.2782 and the 4.2979/4.3098 region. The latter is where the August and September highs were made.
Support is seen around the 4.1926 January 10 high and then along the 55 day moving average at 4.1764. As long as EUR/PLN trades above the January 21 low at 4.1531, we will retain our bullish forecast.
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