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Forex: EUR/PLN in session highs after rate cut

3/6/2013 8:41:00 AM
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The Polish zloty is sharply depreciating against the single currency after the NBP (Polish central bank) surprised market participants cutting the lending benchmark by 50 bps to 3.25% against 25 bps expected, in an effort to boost the economy after recent poor fundamentals.

At the moment, the pair is up 0.49% at 4.1456 and the next resistance at 4.1651 (high Mar.6) ahead of 4.1675 (MA30d) and then 4.1870 (high Feb.21).
On the flip side, a breakdown of 4.1256 (low Mar.5) would expose the psychological level of 4.1000 and then 4.0655 (low Jan.10).