EUR/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A downward break out of the ascending channel pattern EUR/PLN has been following for the past two weeks is likely to cause a significant dip, supposedly towards the 200-hour SMA. The channel proved its significance when losses caused by bad news in the Euro Zone were cut off at the lower trend-line. SMAs of shorter time-frames are in position to put pressure on the currency from the upside, facilitating the pair's way down. While the SWXF sentiment index signals the pair to be oversold with net sentiment of -43%, suggesting continuation of the bullish trend, aggregate technical indicators fail to give any insights into the matter. In case the pair does indeed return into the bounds of the channel, 4.3839, the top trend-line will be targeted, with a selloff hedging against a further surge.
© Dukascopy Bank SA
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