EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a short-term correction in the middle of May, the single currency has been reviving its strength during the past six days. As a result, the EUR/PLN currency pair has almost approached the upper boundary of the bullish channel, which is placed just above the 4.15 major level. This mark, however, is reinforced by the weekly R1 from below, therefore putting under the risk any idea of a jump above the trend-line. Moreover, while daily technical indicators are positive, the weekly studies are strongly pointing to the downside and are expecting the common currency to depreciate. Meanwhile, 60% of SWFX traders are currently short of the Euro versus the Polish Zloty.
© Dukascopy Bank SA
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