EUR/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is simultaneously trading in accordance with three patterns against the Polish Zloty. On a large scale the currency exchange rate is in a falling wedge pattern, and in the recent weeks the pair traded near the pattern's lower trend line. In the meantime, on a medium scale the currency pair is in a channel down pattern, as it changed its direction at the start of September and began to approach the wedge's support line. Thirdly, the pair is in a channel down pattern, which is a representation of the rates surge from the channel down pattern's support to its resistance line. Most recently the resistance line was reached and the exchange rate began to fall, as it rebounded.
© Dukascopy Bank SA
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