Analysts at Rabobank have seen their bullish bias on the EUR/PLN reinforced by the latest data released. The pair is trading at 4.5427.
Key quotes
“The latest set of data supports our argument that EUR/PLN has not peaked yet and the current period of consolidation marked as a descending triangle will be followed by another leg higher towards the Global Financial Crisis high at 4.9307 over the 1-3 month horizon.
“In addition to the bleak outlook for the economy, growing concerns amongst investors that the NBP seems to be financing substantial government spending could also reignite the bullish momentum in EUR/PLN.”
“A break below the crucial support area around 4.52/51 would dent the bullish bias and would require us to reconsider at least the short-term outlook for EUR/PLN.”
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