FX Emerging Markets Weekly 04 November 2013 |
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EUR/PLN is still hovering above the 2008-13 uptrend line at 4.1585 and the 4.1443 September low
but at the same time remains below the 200 day moving average at 4.2050 and thus 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 4.1200 then being in focus. It should be reached by the end of the
first quarter of 2014.
Good resistance above the 200 day moving average at 4.2050 can be seen between the 55 day moving average at 4.2154 and the late September high at 4.2403.
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