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EUR/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
For a few weeks the common European currency traded in the borders of a descending triangle pattern against the Polish Zloty. In the recent days the currency exchange rate finally had its minor break out to the downside, as the pair fell and rebounded near the 4.3380 level. With this move a descending channel pattern was established. The rate is likely to continue trading in accordance with this pattern for some time, but not for long. The pair is already oversold, as 74% of open SWFX positions are already short. It is most likely that traders can watch the descending channel, as a new dominant pattern forms.
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