EUR/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last days of November, the Euro has been losing ground against the Polish Zloty, shaping a channel down pattern that currently is 180-bar long. At the moment of writing, EUR/PLN was sitting at its 50-hour SMA; however, this support line is likely to succumb to the downside pressure and allow the pair to fall below it, opening the way to the daily resistance at 4.1807. Market players are betting on depreciation of the pair in 83.33% of cases, while technical signals also are boosting the bearish case, pointing to a weakness in the short-term.
© Dukascopy Bank SA
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