FX Emerging Markets Weekly 20 january 2014 |
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EUR/PLN’s bounce off last week’s low at 4.1387 has the 55 day moving average at 4.1771 in sight.
While the currency pair remains above the December trough at 4.1283 we will retain our medium term neutral outlook.
Only if a daily close below 4.1283 were to be made, would we change our medium term outlook to a bearish one with the 4.0928 April 2013 low and probably also the 4.0541/4.0284 August and December 2012 lows being back in the picture.
Resistance is seen between the 55 day moving average at 4.1771 and the current January high at 4.1926 and also between the 2013-14 resistance line and the 200 day moving average at 4.2002/98.
We continue to keep a neutral view.
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