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14 Apr 2015
EUR/PLN eyes support at 3.86 – RBS
FXStreet (Edinburgh) - Dmytro Bondar, Technical Analyst at RBS, suggested the downtrend in EUR/PLN could find strong support around 3.86.
Key Quotes
“The pair has established a strong downtrend, which is likely to continue to at least the 3.86 support, as the pair broke through the 4.06 level on a sustained basis and weekly 12/26/9 MACD remains negative”.
“The levels are Fibonacci retracements from the 2008 – 2009 impulse wave. The latter is quite a strong support, hence it is too early to be sure whether it would be broken”.
“So far it is likely that the trend will remain in place up until the 3.86 level is reached. Further outlook will depend on the test of this level”.
“Caveat would be a sustained recovery above 4.07, which would require view reassessment”.
Key Quotes
“The pair has established a strong downtrend, which is likely to continue to at least the 3.86 support, as the pair broke through the 4.06 level on a sustained basis and weekly 12/26/9 MACD remains negative”.
“The levels are Fibonacci retracements from the 2008 – 2009 impulse wave. The latter is quite a strong support, hence it is too early to be sure whether it would be broken”.
“So far it is likely that the trend will remain in place up until the 3.86 level is reached. Further outlook will depend on the test of this level”.
“Caveat would be a sustained recovery above 4.07, which would require view reassessment”.