EUR/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN was unable to cross the resistance at 4.2026 on May 18, and since then the Euro has been mostly moving lower and lower. As a result, there is a bearish channel on an hourly chart, implying that the rallies will not advance beyond 4.1590. Instead, the price is supposed to move further south. The immediate support is at 4.1345, but the exchange rate is likely to reach 4.1271 (weekly S1 and down-trend) before undergoing a bullish correction. In the meantime, while most of the technical indicators, especially on the four-hour and daily charts, are pointing downwards, the traders' sentiment towards EUR/PLN is explicitly bullish—72% of open positions are long.
© Dukascopy Bank SA
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