FX Emerging Markets Weekly 07 October 2013

EUR/PLN – Daily Chart

Seems to be slowly reversing its trend and should gradually slide back towards the 4.0000 mark

We have decided to neutralise our medium term outlook and turn bearish on our short term view because EUR/PLN is once again trading around the 200 day moving average at 4.1996 and overall looks weak to us.

Further range trading, mostly with a negative bias, should be seen into the 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 4.1190 then being in focus. It should be reached by the end of the first quarter of 2014.

Good resistance can now be seen between the 55 day moving average at 4.2296 and the late September high at 4.2403.

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