Fxwirepro: Eur/pln Edges Lower, Still Hovers Near Nine-Month Highs

  • The conservative, eurosceptic Law and Justice party (PiS), election victory on Sunday weakened the zolty, pushing EUR/PLN to 9 month highs around 4.2939
  • The zloty steadied on Tuesday as investors awaited further policy comments from Poland’s new rulers
  • The zloty firmed 0.06 percent against the euro to 4.271 by 0804 GMT, while central European currencies and equities mostly weakened slightly on risk aversion 
  • EUR/PLN is currently trading at 4.2752, with immediate resistance at 4.2784 (Daily High Oct 26) and support at 4.2584 (Daily Tenkan)
  • The zloty is underpinned by expectations that the policies of PiS will help economic growth in the short term

Resistance Levels:R1: 4.2784 (Daily High Oct 26)R2: 4.2968 (Daily High Oct 22)R3: 4.3363 (Daily High Jan 20)Support Levels:S1: 4.2584 (Daily Tenkan)S2: 4.2532 (10-Day MA)S3: 4.2450 (21-Day MA)

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