EUR/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A long, but narrow channel down was formed by EUR/PLN on a hourly chart on September 9. Even though the pair has been depreciating for more than 85 hours, further downside movement is expected. There are several reasons behind it. First of all, market sentiment is strongly bearish– 72%, suggesting traders are expecting further depreciation. Moreover, the majority of aggregate technical indicators are sending "sell" signals, reinforcing a view single currency will continue losing ground against the Polish Zloty. Despite such an outlook, the Euro has lost just 0.09% against its major peers during the week.
© Dukascopy Bank SA
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Fri, 13 Sep 2013 15:20:43 GMT

USD/JPY 1H Chart: Channel Down

Pair has been in a noticeable uptrend since the last week of August and pattern at hand could be easily perceived as a some sort of bearish correction. Especial attention should be taken when the pair approaches daily S1/20-day SMA since that was the level of the recent bounce and there is always a chance that the pattern might not

Fri, 13 Sep 2013 13:37:10 GMT

EUR/JPY 1H Chart: Rising Wedge

Similarly to USD/JPY, EUR/JPY has formed a rising wedge pattern and both pairs are trading close to pattern's support line. A couple of days earlier, the pair touched this level at 131.70, represented by not only a lower trend line, but also by a 200-hour SMA. Therefore, a downside penetration of the pattern is unlikely. Meanwhile, the majority of technical

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