EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being that EUR/PLN is trading next to the upper edge of the channel at the moment, there is a substantial risk of a sell-off. The bearish correction is likely to start soon after a test of 4.2060, and then the dip is expected to extend down to 4.12. However, the Euro is a risky sell, since the latest down-leg did not reach the lower boundary of the pattern. In case of a break-out to the upside, the focus will shift to the Feb at 4.2258. Meanwhile, in the long run we may expect a rally towards 4.4030, namely to the 2014 high. In the meantime, the technical indicators are mixed, while the SWFX sentiment is strongly bearish, with as many as 72% of open positions being short.
© Dukascopy Bank SA
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