EUR/PLN 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bears are unlikely to remain in control of EUR/PLN for long. Even though there is a downward-sloping channel emerging in the four-hour chart, we hold a bullish bias towards the Euro. The main reason is the pair's proximity to a major rising support line, which has been successful in underpinning the price since this year's April. An additional reason to be bullish is the technical indicators, which are mostly sending ‘buy' signals for the four-hour and weekly time frames. In the short run however, there is likely to be a selloff from 4.2350, but the decline should be limited by 4.19. Nevertheless, the SWFX market is dominated by bears: 73% of open positions are short.
© Dukascopy Bank SA
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