EUR/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a two-month high in the beginning of September was a starting point of a gradual retreat of EUR/PLN. However, the formation of the channel down pattern started only on October 8 when the pair accelerated the speed of its decline. Market sentiment is strongly bearish on the pair, with 92.31% of all orders being placed to sell the currency couple, according to the SWFX data. Adding to chances that the trader's outlook will materialize, the pair does not show alacrity to change its direction and is now approaching its 20-hour SMA that acts as a support and if overcome will trigger tests of four-hour support zone at 4.1698/52 (four-hour S1, S2, S3).
© Dukascopy Bank SA
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