EUR/PLN 1D Chart: Channel Down

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Source: Dukascopy Bank SA
The Euro is depreciating against the Polish Currency in a long term descending channel pattern. Simultaneously the currency exchange rate is being heavily impacted by the strength of the Fibonacci retracement levels, which are measured via connecting the 2015 low and 2016 high levels. The currency pair is approaching the 38.20% Fibonacci retracement level, which is located at the 4.1886 level. A hypothesis of the future decline of the pair is supported by the fact that the EUR/PLN pair is already overbought, as 74% of open SWFX positions are long. Due to that it is assumed that not only will the retracement level be reached, but also passed after a most likely short struggle with the support level.
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