EURPLN is a Forex cross pair that includes the euro and the Polish zloty. This trading instrument is quite popular among traders and investors who prefer the stable movement of currency pairs.
The Euro (EUR) is the official currency of most member states of the European Union and the second most traded currency in the world after the US dollar. Since the single European currency represents the economies of all countries in the Eurozone, its rate is influenced by each of these countries' financial and political performance. When conducting a fundamental analysis of the currency, the economic indicators of Germany, France, Italy and Spain should be considered first as having the most weight in the eurozone economy.
The Polish zloty (PLN) is the legal tender in Poland, a developing country whose main economic sectors are international trade, industry, and shipbuilding. The exchange rate of the Polish zloty is influenced by the country's rating in the world, the political situation, and its macroeconomic data.
Both the euro and the Polish zloty in the pair are subject to the influence of the US dollar, even though the US currency is not directly included in the pair. When conducting a fundamental analysis of EUR/PLN, it is worth paying special attention to the indicators of the US economy (the level of GDP and inflation, the discount rate). When conducting technical analysis, track the movement of the USDPLN and EURUSD charts. With a competent approach to the analysis, traders can successfully enter EUR/PLN trades in Forex, making a good profit.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
