EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN appears to be offering a good buy deal. Right now the currency pair is trading just above the lower boundary of the bullish channel, and the base case scenario therefore is a rally towards the resistance trend-line at 4.30. Moreover, most of the technical indicators on all time-frames are pointing north. However, there is a risk of the price forming a rising wedge after several failures to escape the gravity of the lower trend-line. Accordingly, a long position before EUR/PLN surpasses the recent high at 4.2050 might be premature. In case of a break-out to the downside we expect the Euro to come down to 4.13, namely to the monthly S1 level and Jun 11 low.
© Dukascopy Bank SA
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