EUR/PLN: Hikers will resume their ascend towards the summit at 5.00 – Rabobank

EUR/PLN has entered a consolidation phase with corrective pullbacks likely to run into a strong support formed by previous annual highs around 4.54/4.50, as noted by economists at Rabobank.

Key quotes

“It would require a much sharper pullback below 4.40 to abandon the bullish view on EUR/PLN currently supported by the notion that Poland faces a recession.”

“The hikers are building yet another base camp, but in the near-term they will resume their ascend towards the summit at around 5.00.”