EUR/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN has formed a well-defined bullish channel, after the currency pair had established a solid support level at 4.37. At the moment, the price is undergoing a downward correction within the pattern, but the decline should halt near the up-trend at 4.41. From there the rate is expected to rebound to 4.45, namely the upper edge of the channel. The overall positive outlook is also reinforced by the hourly and four-hour technical indicators. However, the main challenge for a longer-term recovery is supply at 4.4685, implied by the February high. Meanwhile, the current distribution between the bulls and bears still favours a stronger Euro, as only 30% of positions open in the SWFX market are long.
© Dukascopy Bank SA
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