EUR/PLN 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been underperforming the Polish Zloty since Dec 29, when the currency pair encountered a strong resistance level at 4.40. Considering that EUR/PLN has formed a channel down pattern during this time, the overall outlook toward the rate is bearish. However, in the short run we are likely to see an upward correction. The pair is currently facing a dense demand area represented by the lower trend-line of the channel near 4.1617, which is reinforced by the weekly S1 and the nearby 2014 Dec low. The Euro is expected to breach the accelerated falling resistance at 4.18 and start heading in the direction of the upper trend-line of the pattern, where the rally should come to an end.
© Dukascopy Bank SA
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