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Forex: EUR/PLN bouncing off lows

FXstreet.com (Barcelona) - The Polish zloty is sharply appreciating against the single currency on Monday, dragging the pair to the vicinity of 4.1200, where buying interest lifted the cross to the current area of 4.1235/40, ahead of the National Bank of Poland monthly gathering on Wednesday.

“National Bank of Poland meets on Wednesday, and is expected to keep rates steady at 3.25%. After the 50 bp cut in March, the NBP promised a pause and so no move is seen this month. But with data still coming in very weak, we think the easing cycle will likely resume near mid-year if the economy remains weak”, suggested the BBH Global Currency Strategy Team.

As of writing, the cross is losing 0.75% at 4.1238 and a drop beyond 4.1215 (low Mar. 5/6) would bring the psychological level at 4.1000 and finally 4.0655 (low Jan.10 2013).
On the flip side, resistance levels line up at 4.1660 (MA55d) followed by 4.1940 (high Mar.21) and then 4.2000 (psychological level).

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