EUR/PLN 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Euro's confrontation with the major support at 4.09 in June, the currency pair has been in a distinct up-trend. As a result, EUR/PLN has managed to form a high-quality bullish channel during the last four months, meaning the common currency should keep on appreciating relative to the Polish Zloty. And this rally is unlikely to be postponed far into the future—the price is already facing the formidable demand around 4.18 that is formed by the multi-month up-trend, long-term moving average and monthly S1 level. After this support is confirmed, the recovery should subsequently extend to the upper boundary of the pattern at 4.25 before there is another bearish correction.
© Dukascopy Bank SA
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