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6 Mar 2013
Forex: EUR/PLN in session highs after rate cut
The Polish zloty is sharply depreciating against the single currency after the NBP (Polish central bank) surprised market participants cutting the lending benchmark by 50 bps to 3.25% against 25 bps expected, in an effort to boost the economy after recent poor fundamentals.
At the moment, the pair is up 0.49% at 4.1456 and the next resistance at 4.1651 (high Mar.6) ahead of 4.1675 (MA30d) and then 4.1870 (high Feb.21).
On the flip side, a breakdown of 4.1256 (low Mar.5) would expose the psychological level of 4.1000 and then 4.0655 (low Jan.10).
At the moment, the pair is up 0.49% at 4.1456 and the next resistance at 4.1651 (high Mar.6) ahead of 4.1675 (MA30d) and then 4.1870 (high Feb.21).
On the flip side, a breakdown of 4.1256 (low Mar.5) would expose the psychological level of 4.1000 and then 4.0655 (low Jan.10).