EUR/PLN 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At a low of 4.2041 EUR/PLN started a robust recovery that pierced through the 200-hour SMA. Since then 40 bars have already been formed, and it appears now that the price has been respecting two parallel rising trend-lines during this period. Right now the currency pair is probing the lower boundary of the pattern at 4.2540, this support is supposed to prevent extension of the current dip and initiate a rally up to 4.2682-4.2747, a course also suggested by 4H technical indicators. Longer term scenario, however, is less certain, but there exist considerable downside risks, shown by ‘sell' signals on a daily time-frame and bearish towards EUR/PLN SWFX traders' sentiment (60% of positions are short).

© Dukascopy Bank SA
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