EUR/PLN 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that today the EUR/PLN currency pair is losing bullish momentum it gained yesterday. Therefore, there is a risk that the Euro will fall below any of two valleys of the double bottom pattern. The bearish scenario is currently supported by technical indicators on all time-frames, while additional downward pressure is created by 200-hour SMA, which has been following the pair's decline for a prolonged period of time.
However, the latest low of the pattern is strengthened by weekly S1 and the round level at 4.00. Taking into account the fact that 73% of SWFX market participants are holding long opened positions, there is still a chance for rebound of the Euro.

© Dukascopy Bank SA
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