EUR/PLN 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is depreciating against the Polish Zloty in two descending channel patterns. The currency exchange rate recently reached the combined support level of the two channels, which indicates that the medium term channel is about to become obsolete. Although that was expected to occur in the pair's most recent surge, it did not happen, as the rate bounced off a resistance. Due to that it is most likely that the rate will continue to depreciate to the 38.20% Fibonacci retracement level at 4.3492, which is measured by connecting the 2016 low and high levels of the exchange rate. That is likely to be followed by a rebound, and the following surge will form a new medium term pattern. However, the pair is already oversold, as 70.80% of SWFX trader open positions are short.
© Dukascopy Bank SA
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