EUR/PLN 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As suggested by the four-hour and daily technical indicators, the outlook on EUR/PLN is currently bullish. However, in the near term the upside is limited by the rising resistance line at 4.14, meaning we need a down-leg for a good buying opportunity to present itself. Meanwhile, we should also recognize that being long is somewhat risky, being that EUR/PLN has not yet confirmed a reversal after the Jan-Apr decline, and most weekly studies are pointing south. Nonetheless, the SWFX market appears to be confident that the Euro is going to outperform the Zloty, since there are almost twice as many bulls (66%) as there are bears (34%).
© Dukascopy Bank SA
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Fri, 22 May 2015 13:36:05 GMT

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