EUR/PLN 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similar to the previous currency pair, the EUR/PLN cross has created the channel up pattern, which is likely to become the broadening wedge in the future. Taking into account the longer-term time frame, the pair touched the upper boundary of the pattern already three days ago, when both weekly R1 and monthly R2 managed to energize bears for sell-offs in the short-term. As expected, the Euro should move downwards the next week, as weekly technical indicators are pointing to the south at the moment. However, 58% of SWFX traders are bullish, and a support zone at 4.10 (monthly R1, 100-period SMA) can be strong enough to reverse the pair eventually.
© Dukascopy Bank SA
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