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10 Apr 2013
Forex: EUR/PLN bouncing off lows
FXstreet.com (Barcelona) - The polish zloty is trading almost unchanged against the single currency on Wednesday, after the National Bank of Poland left the lending benchmark intact at 3.25% in its monetary policy meeting, broadly in line with market consensus.
Although NBP officials hinted at the fact that the easing cycle could be done, market participants are not ruling out further cuts as the economic fundamentals continue to weaken.
At the moment, the pair is flat at 4.1137 with the next resistance at 4.1652 (MA55d) ahead of 4.1940 (high Mar.21) and then the psychological level at 4.2000.
On the flip side, a breach of 4.1000 (psychological mark) would bring 4.0655 (low Jan.10).
Although NBP officials hinted at the fact that the easing cycle could be done, market participants are not ruling out further cuts as the economic fundamentals continue to weaken.
At the moment, the pair is flat at 4.1137 with the next resistance at 4.1652 (MA55d) ahead of 4.1940 (high Mar.21) and then the psychological level at 4.2000.
On the flip side, a breach of 4.1000 (psychological mark) would bring 4.0655 (low Jan.10).