EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The upward-sloping channel that is currently developing on the hourly chart may be deceiving. In fact, the currency pair is closing in on the resistance line at 4.11, which may well trigger a strong sell-off, and the weekly technical indicators are in favour of this scenario. The decline is expected to result in a breach of all the support levels until 4.04, where EUR/PLN is likely to meet the lower edge of the pattern, along with the 200-period SMA.
Meanwhile, the SWFX market participants are strongly convinced that the Euro is going to appreciate further relative to the Polish Zloty, as evidenced by a high percentage of longs—71% of all open positions.
© Dukascopy Bank SA
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