EUR/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
The common European currency is depreciating against the Polish Zloty simultaneously in three descending channel patterns. The future situation is quite unclear, as the pair should surge in the medium term due to hitting the support line of one of the dominant patterns. However, the most junior pattern is holding the line and might still guide the currency exchange rate down to the 38.20% Fibonacci retracement level, which is located at the 4.1880 level. The Fibonacci retracement levels for this pair are measured by connecting the 2015 low level with the 2016 high level. In general, although the exact moves of the pair are unclear, a decline of the Euro against the Zloty seems almost certain.
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