EUR/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following high levels of volatility late last year and early 2015 EUR/PLN entered a moderate down-trend. The channel itself implies a bearish outlook on the Euro. However, since the pair has recently confirmed the lower boundary of the pattern, this is a good reason to be long the common currency as long as we are at a safe distance from the resistance line at 4.13. Still, there are dangers for a bullish position we should be aware of, such as supply at 4.12 and the technical indicators that suggest a negative bias towards EUR/PLN. Accordingly, it would be more reasonable to short the Euro after the upward correction ends, although at the moment 71% of open positions are long; only 29% are short.
© Dukascopy Bank SA
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