This was backed by negative data from the Euro Zone, such as retail sales which fell by 0.6% m/m against an expected decrease by 0.3% and Producer Prices which fell by 0.5%. Even though Sentix Consumer Confidence increased to the level of -35.3 from the level of -42.7, the EURUSD seemed to be unaffected and continued its decrease movement. On the other hand the Dollar was aided by the better than expected readings of the trade balance which fell in the month of February by approximately 28%, from the level of 36.6 billion to the level of 26 billion. From the technical point of view, if the level 1.3089 support level is broken then the market should continue its decrease with a possible bounce back at the following levels of support: 1.2947, 1.2833 and 1.2733. On the other hand if the market breaks the resistance level of 1.3580 then the target will be reaching the level of 1.3851.
As to the Polish Zloty, then it noted an increase against the Euro even falling to the level of 4.3139, but noted a slight decrease against the US Dollar from the level of 3.28 to the level of 3.32. This was mainly aided by the slump on the EURUSD market and the continuing increase on global stock markets. From the technical point of view the current target for the EURPLN market is reaching the level of 4.26, whilst the target for the USDPLN market is 3.18.
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