EUR/PLN 1H Chart: Channel Down

EUR/PLN peaked at 4.2409 on the last day of September and since then has been on the decline, giving up nearly five figures throughout the last 200 hours. During this period the currency pair has penetrated the 200-hour SMA and formed a down-trend channel, thereby confirming its long-term bearish intentions.

In the short run the single European currency also has a low chance of gaining value, being that right now the price is in the proximity of the strong resistance zone at 4.2016/4.1997, where the down-trend resistance merges with the 200-hour SMA and some of the daily pivot levels.