EUR/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency continues to decline against the Polish Zloty in two descending channel patterns. However, there has been a development, which has created the need for a review of the currency exchange rate. The pair has hit the lower trend line of the long term descending channel pattern on February 3 at 4.2894 mark. As a result the pair has recently rebounded and set its course higher. During the surge it is set to encounter the 23.60% Fibo level at 4.3026, which is measured by connecting the 2016 low and high levels. It is likely that the rate will fail to pass the retracement level and as a result a new medium term pattern will form.
© Dukascopy Bank SA
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