Today’s EURPLN forecast will examine Poland’s economy and detail the technical aspects of the pair.
In September 2023, the cost of goods produced by companies in Poland fell by 2.8% compared to the same month last year. This drop follows a slightly larger decrease of 2.9% in August. This change was expected by market experts. The cost of manufacturing goods went down further by 5.6%, while the costs for mining and quarrying, and water supply and waste management activities saw a slight decrease. On the other hand, the cost for electricity, gas, steam, and air conditioning supply services increased by 9.2%. From August to September, there was a small increase of 0.3% in the Producer Price Index (PPI), which measures these changes.
EURPLN Forecast: Technical Analysis
Recently, on October 17, the currency pair experienced a significant slump, extending its downward trajectory to reach a support level at 4.399. The significant downturn triggered the Relative Strength Index (RSI) and the Stochastic Oscillator to enter the oversold territory, indicating potential opportunities for buyers. Given these signals from the momentum indicators, there is a strong possibility that the EURPLN price might experience a correction in the upcoming sessions.
This potential rise could lead to the currency pair testing the broken support level around 4.486. If this resistance level is broken, it could signal a further upward trend for the EURPLN pair.
On the other hand, more decline in the currency pair will be seen if the bears close below the 4.399 support.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.