- Data earlier today showed that Poland inflation missed expectations, came in at 0.2 pct y/y in Sept vs 0.4 pct seen in Reuters poll
- Poland’s statistics office also revised 2014 GDP growth to 3.3 pct from 3.4 pct released earlier
- EUR/PLN largely muted, but uptrend intact, price action remains above the cloud and moving averages and RSI is biased higher
- The pair is currently trading at 4.2350, with immediate support at 4.2292 (20-Day MA) and resistance at 4.2373 (session high) ahead of 4.2415 (Oct 16 high)
- Markets focus on Poland Industrial Output, PPI and Retails Sales data due ahead for cues
Recommendation: Good to go long on dips around 4.2300, SL: 4.2270, TP: 4.2410
Resistance Levels:R1: 4.2415 (Oct 16 high)R2: 4.2425 (Daily High Oct 13)R3: 4.2518 (Oct 6 highs) Support levels:S1: 4.2292 (20-Day MA)S2: 4.2278 (10-Day MA) S3: 4.2266 (Daily Tenkan)
The material has been provided by InstaForex Company – www.instaforex.com