EUR/PLN has the 4.5001/4.4704 area in its crosshairs – Commerzbank

The EUR/PLN’s recent swift descent has the 4.5001/4.4704 zone in its sights, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, briefs.  

EUR/PLN’s March high sits at 4.6815

“EUR/PLN’s recent descent is ongoing with the 200-day moving average at 4.5001 and the February low at 4.4704 remaining in focus. In this vicinity the cross is expected to stabilise, at least temporarily. If not, the October low at 4.4552 would be next in line below which the December trough can be spotted at 4.4173.”  

“Minor resistance can now be seen at the 4.5637 late January high as well as at the 4.5778 April 2 low. Further minor resistance above the next higher 4.6220 December high can be found at the 4.6460 October peak as well as at the 4.6815 March peak.”  

“Only an unexpected rise above the 4.6815 March peak on a daily chart closing basis would put the 2004 and 2009 highs at 4.9302/4.9422 on the cards.”