4 Mar 2015
EUR/PLN fades the spike near 4.1850
FXStreet (Edinburgh) - The Polish zloty is now recovering some ground vs. the euro, with EUR/PLN returning to the vicinity of 4.1700.
EUR/PLN surprised by NBP decision
The cross quickly climbed to session highs in levels shy of 4.1850 today, after the NBP lowered its benchmark rate by 50 bps to 1.50% in today’s decision. The move caught markets off guard, as consensus was expecting a 25 bp cut.
The cross keeps recovering ground lost after last week’s sell off sent it to sub-4.1500 levels, down from February peaks around 4.2250.
EUR/PLN levels to watch
At the moment the cross is up 0.15% at 4.1744 facing the next hurdle at 4.1851 (30-d MA) ahead of 4.1859 (high Feb.23) and then 4.1935 (200-d MA). On the flip side, a breakdown of 4.1530 (low Mar.3) would aim for 4.1445 (low Mar.2) and finally 4.1230 (low Jul.9).
EUR/PLN surprised by NBP decision
The cross quickly climbed to session highs in levels shy of 4.1850 today, after the NBP lowered its benchmark rate by 50 bps to 1.50% in today’s decision. The move caught markets off guard, as consensus was expecting a 25 bp cut.
The cross keeps recovering ground lost after last week’s sell off sent it to sub-4.1500 levels, down from February peaks around 4.2250.
EUR/PLN levels to watch
At the moment the cross is up 0.15% at 4.1744 facing the next hurdle at 4.1851 (30-d MA) ahead of 4.1859 (high Feb.23) and then 4.1935 (200-d MA). On the flip side, a breakdown of 4.1530 (low Mar.3) would aim for 4.1445 (low Mar.2) and finally 4.1230 (low Jul.9).