A very surprising cut of interest rates at today's one-day MPC meeting, without a press conference, may have its impact on the future of the Polish zloty.
In recent days, the EURPLN exchange rate has come close to potential support located at the previous highs in the area of 4.39-4.41. Additionally, a simple correction labeled as "abc" could appear on the chart.
If the reduction of the reference rate from 0.5 to 0.1 percent along with a rather interesting technical arrangement at the same time could affect the market, then the EURPLN exchange rate could move at least to the line drawn along the recent tops.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
In recent days, the EURPLN exchange rate has come close to potential support located at the previous highs in the area of 4.39-4.41. Additionally, a simple correction labeled as "abc" could appear on the chart.
If the reduction of the reference rate from 0.5 to 0.1 percent along with a rather interesting technical arrangement at the same time could affect the market, then the EURPLN exchange rate could move at least to the line drawn along the recent tops.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.