EUR/PLN 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A two-week bounce from a 15-month low of 4.0922 exhausted EUR/PLN potential and the pair was forced to reverse its trend. Now the currency couple is locked inside a gradually converging bearish corridor that is around 95-bar long.
In the foreseeable future, the single European currency may face additional losses against the Polish Zloty since the short-term SMA has just dived beneath the long one thus putting heavy downside pressure on the pair. This is further supported by the SWFX numbers showing that almost four out of five traders bet on depreciation of the pair.
© Dukascopy Bank SA
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