EUR/PLN heads back up towards the 2011 and 2020 peaks at 4.5993/4.6460 – Commerzbank

The EUR/PLN pair retests the five-month resistance line at 4.5975 which short-term caps, above it sit 4.6220/4.6460, per Commerzbank.

Key quotes

“EUR/PLN’s recent surge higher to the five-month resistance line at 4.5975 has taken us by surprise. It and the 2011 high at 4.5993 cap for the time being. Were these to be overcome, however, the December high at 4.6220 would be next in line as well as the October high at 4.6460. These we would again expect to provoke failure.” 

“Only an unexpected rise above the 4.6460 October peak would put the 2004 and 2009 highs at 4.9302/4.9422 back on the cards.”

“Slips should find support around the late January high at 4.5637 and the mid-January high at 4.5544. Further down undulates the 55-day moving average at 4.5218. Only failure at the 4.4704 February low would make us bearish again and would eye the 4.4173 December low.”