EUR/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched a one-week high on September 30, the EUR/PLN started to retreat; the pair crossed its long-and short-term SMAs and hit a one-month low on October 7 but then recovered to vacillate near 50-hour SMA.
Given that traders are strongly bearish on the pair (83.33% of all positions are opened to sell the pair) and the overall trend of the pattern, a drop seems highly likely. To confirm this, EUR/PLN has to dive below its four-hour pivot point at 4.2001 and then tumble beneath four-hour support region at 4.1972/12 (four-hour S1, S2, S3) that may put additional selling pressure and result in the bearish break-out.
© Dukascopy Bank SA
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