EUR/PLN may fall 120 - 177 pips

Our pivot point stands at 4.3747.

Our preference

The downside prevails as long as 4.3747 is resistance.

Alternative scenario

The upside breakout of 4.3747, would call for 4.3843 and 4.3901.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.3749 and 4.3721). Finally, the EUR/PLN is trading below its lower Bollinger band (standing at 4.3676).

Supports and resistances

4.3901 **

4.3843 *

4.3747 **

4.3709

4.3668 last

4.3548

4.3491 **

4.3433 *

4.3376 **

Number of asterisks represents the strength of support and resistance levels.