EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the lower boundary of the channel up pattern on December 31, the Euro/Zloty cross is struggling with gaining enough bullish momentum in order to commence a strong recovery and rise further by going in the direction of the upper trend-line. From technical point view, we assume this is possible, in case the pair manages to overcome the closest resistance line, which is represented by the weekly pivot point at 4.3232. If it happens, the Euro may surge up to 4.38 in the short-term. Technical indicators are supporting this idea, as they are bullish in near and medium-term. However, market participants have an opposite opinion, as they are holding short positions in 72% of all cases.
© Dukascopy Bank SA
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