EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similar to USD/NOK , the Euro/Zloty cross is generally gaining value, while trading inside the bullish channel pattern. At the same time, this pair is also experiencing a period of correction at the moment, meaning that we are likely to observe a development below 4.13 in the nearest future. Since May 29, the pair has been supported by 55-period SMA, and it is now required to fall below this demand in order to be able to depreciate further. Four-hour and weekly indicators predict that this scenario is going to work, even though daily ones suggest that a short-term rebound is still possible. Meanwhile, short traders (55%) are prevailing over the long ones (45%) at the SWFX market right now.
© Dukascopy Bank SA
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