FX Emerging Markets Weekly 29 July 2013 |
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The correction lower in EUR/PLN has terminated as expected at the 61.8% retracement at 4.1990.Rallies will need to regain the 4.2607 55 day ma in order to re-focus attention to 4.3273 the 6 the July high then the 4.4125/4.4315 resistance area , made up of the 2009-13 resistance line and the May 2012 peak. En route lies the June high at 4.3708 which first needs to get exceeded, however.
The currency pair’s advance is likely to run out of steam in the 4.4147/4.4315 resistance area. Should it be bettered, the 4.5334 September 2011 high and also the 2011 peak at 4.5993 will be back in the picture.
Below 4.1990 would introduce scope to re-test the 4.1537/4.1477 55 week moving average and the 2008-2013 uptrend, which is expected to hold.
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