EUR/PLN 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-November the single currency has been following a pronounced downside trend against the Polish Zloty. The downswing has been bounded by two parallel downward sloping lines that created a 221-bar long corridor.
For the last four trading sessions the pair has been faltering close to the upper boundary of the pattern but any attempts to reach this limit were fruitless as the 200-bar SMA sitting at 4.1661 represented a formidable barrier for the pair. According to the SWFX data, the pair may see some strength in the nearest term but may come under selling pressure in a longer perspective.
© Dukascopy Bank SA
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