FX Emerging Markets Weekly 10 March 2014 |
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EUR/PLN’s rise from the 4.1397 February low is taking it back towards the 200 day moving average at 4.2124 and the current March peak at 4.2278.
While the currency pair remains above the 55 day moving average and last week’s low at 4.1740/26, recent upside pressure should be maintained.
We remain medium term neutral to bullish while the next lower 4.1517/4.1283 major support area underpins. It is where the September, November, December and January lows were made.
Once the 4.2278 current March high has been bettered, the long term resistance line at 4.2476 and the 50% retracement at 4.2495 will be in focus as well as the January peak at 4.2648. Unexpected failure at the 4.1283 December low, would put the April 2013 trough at 4.0928 and the December 2012 low at 4.0541 back on the map.
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