EUR/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-March, the Euro has been losing ground against most of its counterparts and the Polish Zloty was not an exception. After EUR/PLN touched a six-week high of 4.2506 on March 13, the pair started a retreat that eventually led to a formation of the channel down pattern.
At the moment, the pair is trading slightly below its 50-hour SMA meandering at 4.1711 and may try to penetrate this formidable resistance in the hours to come given bullishness on the market. According to the SWFX data, over 62% of market participants bet on appreciation of the currency couple.
© Dukascopy Bank SA
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