EUR/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN has recently formed a well-defined channel, meaning the outlook for at least the next several days is bearish. The negative bias is reinforced by the technical indicators, though this signal is rather weak. Since the pair has just tested resistance at 4.3890 (down-trend, weekly PP, and 200-hour SMA), the current target is the lower bound of the pattern, namely 4.3490/70. However, the bears will have to push through a solid demand area around 4.3590 first. This support is created by the weekly S1 level and this week's low. In the event the price closes above 4.3890, there will be a high probability of the recovery reaching out to 4.4190, the peak of the last two weeks.
© Dukascopy Bank SA
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