EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in an ascending short term channel against the Polish Zloty. However, the pair is not set to surge, as the upper trend line of the long term descending channel pattern has been recently reached, and the currency exchange rate has bounced off of it. Moreover, this fact hints at the possibility of a new medium term pattern about to reveal itself in the upcoming weeks. In general, it is clear that the currency pair is about to begin a decline, which will be visible on all timeframes, which are eligible for trend analysis. In the meantime, 58% of SWFX trader open positions are short, and that indicates that there is still room for a decline before the pair can be considered oversold.
© Dukascopy Bank SA
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Mon, 27 Feb 2017 14:38:19 GMT

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