EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Zloty currency cross has formed a channel up pattern, and the pair has already been slowly hovering in the direction of the lower trend-line at 4.1747 for a long time . We assume that in case the pair reaches the lower up-trend, the break-out to the downside is very possible. Market sentiment is bearish, being that 74% of all positions are short. On its way down, the Euro will have to cross a number of considerable support levels, including the weekly and daily pivot points at 4.1932 and 4.1889, respectively. Moreover, the major level at 4.1900 may pose some problems for the pair as well. Technicals, in turn, suggest the pair is going to move sideways in the longer term.
© Dukascopy Bank SA
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