During last 2 months EURPLN felt 2400 pips. Previous upward movement from January 2016 was caused by the decision of Standard & Poor’s agency, which unexpectedly cut Poland’s credit rating. As you can see current declines shows that previous reaction on PLN was exaggerated.

Supply broke below uptrend line and until price does not return above 4.3100 it is likely that EURPLN will continue its declines. Nearest supports are located at 4.2650, 4.2240 and because price hasn’t rebounded since more than a month rebound may occur at one of the indicated supports.

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