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EUR PLN Technical Analysis - EUR PLN Trading: 2023-07-04
EUR/PLN Technical Analysis Summary
Above 4.5
Buy Stop
Below 4.39
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
EUR/PLN Chart Analysis
EUR/PLN Technical Analysis
On the daily timeframe, EURPLN: D1 is in a long-term downtrend. He must break above his resistance line before opening a position. A number of technical analysis indicators have formed upside signals. We do not rule out a bullish movement if EURPLN: D1 rises above the last 3 upper fractals and the upper Bollinger band: 4.5. This level can be used as an entry point. Initial risk cap possible below Parabolic signal, latest down fractal, low since August 2020, and lower Bollinger band: 4.39. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (4.39) without activating the order (4.5), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - EUR/PLN
Bank of Poland may keep the rate. Will EURPLN quotes go up?
On July 6, the next meeting of the Bank of Poland (Narodowy Bank Polski, NBP) will take place. According to some forecasts, it may keep the rate at the current level of 6.75%, despite the relatively high inflation in June of 11.5% y/y. The NBP rate has been at 6.75% since September 2022. An additional negative for the zloty could be the decline in Poland Manufacturing PMI in June to 45.1 points. In turn, the dynamics of the euro may be affected by the publication of Germany Trade Balance for May on July 4 and European Union Retail Sales on July 6. Their preliminary forecasts look positive.
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