“A Glimpse at PLN” is series of analysis created in cooperation with the InterTrader broker. You can track all these analysis every Tuesday and Thursday on Comparic. The aim is to present the current market situation on the currency pairs connected with the PLN.
As a result of strengthening of the European currency against the Polish zloty yesterday there was a moment where for 1 € we paid more than 4,50 zł. Today, however, we observe reactions of supply and only if this level is permanently rejected in the near future we expect a decline in the support area 4.4560 coinciding with the level of momentum 50% Fibonacci correction of the ongoing second half of November increases.
Yesterday there was a very strong reaction of supply , due to which the market turned down to local resistance 5.3750. We are now in the vicinity of support zone between the levels of 5.2900 and the 38.2% Fibo, which defeated could open way to declines even in the vicinity of the level 5.2200 coinciding with the 70.7 Fibonacci.
Since yesterday, we observe dynamic declines as a result of which USDPLN again came back below 4.2100 and even 4.1800. To talk about potential change of market sentiment and greater chances for declines in the longer term it would be necessary to overcome the 4.1300 support