EUR/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN has recently broken out of the bearish channel we observed earlier in the four-hour chart. Accordingly, the outlook is now bullish, which is also confirmed by the currency pair forming an upward-sloping channel. In the short run, the dips are to be limited by the support trend-line at 4.2288, while the current upper boundary is at 4.2620. In the meantime, there are doubts whether the price will be able to surpass the August high at 4.2714, being that the daily technical indicators suggest a bearish scenario. At the same time, a substantial portion of open positions in the SWFX marketplace are short, namely 71% of them.
© Dukascopy Bank SA
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