EUR/PLN: Break above 4.74/75 to clear the way towards the 4.85 mark – SocGen

EUR/PLN has rebounded swiftly after testing the lower limit of the channel since 2020 at 4.48. In case the pair surpasses the 4.74/75 area, additional gains should be witnessed towards 4.8050 and 4.85, economists at Société Générale report.

January peak of 4.6020 to provide support

“EUR/PLN is fast approaching the peak of 2021 at 4.74/4.75 which is also the upper band of the channel. This could be an interim resistance zone. However, a large downside is not envisaged; January peak of 4.6020 is likely to provide support near-term.”

“If the pair overcomes the hurdle at 4.74/4.75, next objectives could be at projections of 4.8050 and 4.85.”