EUR/PLN 4H Chart: Channel Down

The EUR/PLN currency pair remains oversold in the SWFX marketplace, because as many as 65% of all positions are short. This is moving odds in favour of a rebound, which seems to have already started. Yesterday the cross eliminated the monthly pivot point, thereby setting ground for a testing of the 200-period SMA at 4.30. Success here is not fully guaranteed, as even technical studies are deeply sceptical with respect to the European currency's perspectives. However, ability to erode the moving average will improve the outlook and should encourage the bulls for more purchases. Before another leg down from the pattern's resistance at 4.36, EUR/PLN will also have to breach the  monthly R1 at 4.3256 next week.