ALL/EUR: Record Lows In The Offing

The Albanian lek remains under substantial downside pressure, with the unit depreciating to a near record low of ALL138.05/EUR at one point on January 11. Going forward, support at ALL138.00/EUR will be key to watch on the downside, with a sustained fall below this level presaging further losses in the short term. That said, should the currency make a firm push above trendline resistance at ALL136.00/EUR, we would expect the unit to appreciate back towards its previous sideways trading range of ALL128.00-132.00/EUR which was in play for the majority of 2009.

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