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19 May 2015
EUR/PLN could test 3.95 near term – TDS
FXStreet (Edinburgh) - According to strategists at TD Securities, the cross could test the 3.95/4.00 band in the near term.
Key Quotes
“EURPLN is turning lower against trend resistance (also mid-2014 low) in the 4.09/10 area; price action through mid-week looks distinctly negative”.
“EURPLN formed a bearish ‘evening star’ top (the third leg was also a bearish outside range day) mid week and losses have extended below the April/May consolidation base (bear flag) to test the 40-day MA (4.0481)”.
“Look for a retest of 3.95/4.00 at least near-term”.
Key Quotes
“EURPLN is turning lower against trend resistance (also mid-2014 low) in the 4.09/10 area; price action through mid-week looks distinctly negative”.
“EURPLN formed a bearish ‘evening star’ top (the third leg was also a bearish outside range day) mid week and losses have extended below the April/May consolidation base (bear flag) to test the 40-day MA (4.0481)”.
“Look for a retest of 3.95/4.00 at least near-term”.