EUR/PLN to head lower towards 4.45 and perhaps even the 2021 low of 4.43 – SocGen

EUR/ PLN sank to the lowest level in nearly two years to below 4.4700 yesterday. Economists at Société Générale analyze the pair’s technical outlook.

First resistance is at 4.50

EUR/PLN underwent a brief pause in May however the upside has remained capped near April / May 2022 lows of 4.55. It has now breached the lower limit of recent consolidation denoting resumption in down move. 

The pair is expected to head lower towards next projections at 4.45 and perhaps even towards 2021 low of 4.43.

First resistance is at 4.50, the 38.2% retracement of last bout of down move.