EUR/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although on the hourly chart it may seem that the Euro is likely to keep underperforming, on the longer-term time-frame the picture is bullish. Accordingly, the downside potential of EUR/PLN is likely to be limited by the major up-trend at 4.1230, but a reversal may occur before a test of this level, namely in the vicinity of the recent low at 4.1270. Once the upper edge of the channel is broken, the outlook will be bullish for the next few weeks. The price will probably rise up to 4.24/4.25 zloty. Nevertheless, a substantial majority of the SWFX market participants are short the single currency. Almost three fourths (74%) of all open positions are to profit from Euro's depreciation.
© Dukascopy Bank SA
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