EUR/PLN 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on EUR/PLN is bullish, since the currency pair is currently forming an upward-sloping channel. Moreover, the four-hour technical indicators are mostly giving ‘buy' signals. The Euro is well-positioned to rebound from the up-trend at 4.06 and challenge the upper edge of the pattern at 4.10. The next resistance level is at 4.12, represented by the weekly R1 and late March highs. However, in case the up-trend fails to underpin the price, the initial support is going to be the weekly pivot point at 4.05, though the sell-off may well extend down to 4.01, where the long-term SMA merges with the weekly S1 level.
© Dukascopy Bank SA
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