The EUR/PLN pair has reached the 4.5915/39 late April and May highs. A rise above this area would leave the 4.6220/4.6344 zone in its crosshairs, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Strong support sits at the early June low at 4.4480
“A rise and daily chart close above the 4.5944 current July high would make us longer-term bullish again and would target the December peak at 4.6220 and also the March 2020 high at 4.6344. Further up sit the October 2020 high at 4.6460 and the March 2021 high at 4.6815.”
“Minor support comes in at the 4.5647 June high and also at the 4.5613, a slip through which may be the beginning of a reversal lower being seen.”
“Stronger support below the next lower 4.4947/10 late June and early July lows sits between the February and June lows at 4.4704/4.4480, a no longer anticipated slip through which would eye the 4.4173 December low.”