EUR/PLN 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached a one-month high of 4.2503, the Euro commenced depreciation against its Polish counterpart; the decline took place amid development of the double bottom pattern that sent the pair to a one-month low of 4.1575.
At the moment, EUR/PLN is on its way towards the neck-line at 4.1812, a jump above which is likely to create a strong bullish pressure on the instrument. However, the 50-hour SMA at 4.1707 has been containing the pair's rise for the last two days. Considering that over two thirds of traders are bullish on the pair, EUR/PLN may catch momentum and overcome this chief hindrance for a climb in the foreseeable future.
© Dukascopy Bank SA
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