© Dukascopy Bank SA
Being unable to rally beyond the 200-hour SMA for a prolonged period of time, EUR/PLN has been consistently trading between two falling trend-lines and frequently respecting them. These lines currently create a strong resistance and a strong support at 4.1790 and 4.1528 respectively.
As for the technical indicators, at the moment they are giving weak ‘sell' signals on the hourly and four-hour time-frames. Meanwhile, the sentiment of SWFX market participants is strongly bearish with respect to EUR/PLN, since 73% of positions are open to benefit from Euro's depreciation relative to the Poland Zloty.
© Dukascopy Bank SA