EUR/PLN 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The Polish Zloty has been appreciating against the US Dollar for two weeks. This movement is bounded by a descending channel.  

Currently, the currency pair is trading near the lower boundary of a senior ascending channel. If the senior channel holds, it is likely that a breakout from a junior channel occurs. However, this advance might not be immediate due to the resistance cluster formed by a combination of the 55-, 100-, 200-hour SMAs, the weekly and monthly PPs, as well the Fibonacci 38.20% retracement in the 4.2971/4.3106 range. 

Otherwise, the pair could breach the senior channel and go downside to the Fibonacci 50.00% retracement at 4.2738.

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