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) Buy Buy Buy
RSI (14) Sell Neutral Neutral
Stochastic (5; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Buy Neutral
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The Euro has been appreciating against the Polish Zloty since the end of January since the pair reversed from the lower boundary of the long-term ascending channel at 4.2632.  

Currently, the exchange rate is testing strong resistance level formed by the Fibonacci 38.20% retracement at 4.3062. If given level holds, it is expected that a short-term decline occurs in the nearest future, and the currency pair re-test the lower channel line located circa 4.2640. 

Otherwise, it is likely that the rate targets the upper channel line located in the 4.3530/4.3550 range.

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