This is a short-term retracement that is expected to take place after such a dynamic impulse.
TA:
From a fundamental perspective:
Capital in times of panic and distress is migrating from emerging markets (Poland is still regarded as such by many investors) toward US treasuries.
What is more the current interest rate in Poland is at it's historical low: 1% which combined with an accelerating inflation (around 5%) doesn't makes the polish bond market a tempting destination. During the next waves of market panic the polish Zloty will face a strong devaluation against major currencies.
I think this retracement will be just a preparation for another bull run on EURPLN.
I expect the price to fall till 4.38 PLN level and meet a very strong resistance zone that have been acting as a major support/resistence level for the last decade.
+ we will probably touch the 200 MA which will also act as a support level.
From that point I expect the EURPLN to explode north with a final destination around 5 PLN.
This is a bold call so please... appreciate it ;)
GL & HF ;)
TA:
- H&S pattern, confirmed by divergence on RSI and falling volume
- falling RSI
- I didn't want to mess up the chart so I excluded from it the Ichimoku indicator. We just broke into the Ichimoku cloud. What is more the cloud i reversing - turning red. Those are bearish signals.
From a fundamental perspective:
Capital in times of panic and distress is migrating from emerging markets (Poland is still regarded as such by many investors) toward US treasuries.
What is more the current interest rate in Poland is at it's historical low: 1% which combined with an accelerating inflation (around 5%) doesn't makes the polish bond market a tempting destination. During the next waves of market panic the polish Zloty will face a strong devaluation against major currencies.
I think this retracement will be just a preparation for another bull run on EURPLN.
I expect the price to fall till 4.38 PLN level and meet a very strong resistance zone that have been acting as a major support/resistence level for the last decade.
+ we will probably touch the 200 MA which will also act as a support level.
From that point I expect the EURPLN to explode north with a final destination around 5 PLN.
This is a bold call so please... appreciate it ;)
GL & HF ;)
ملاحظة
Right shoulder still forming. Trade active.
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.