EUR/PLN 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Past several weeks volatility of EUR/PLN has been considerably elevated. Nevertheless, fluctuations of the currency pair were contained by two parallel trend-lines, which together form a 50-bar bullish channel on the four-hour chart.
As a part of a bearish correction, right now the Euro is moving towards the lower boundary of the upward-sloping corridor at 4.2053, where the currency should encounter tough demand and turn around. The recovery will then be expected to persist until the rate reaches the resistance at 4.2676. However, the market sentiment is currently strongly bearish towards EUR/PLN—70% of open positions are short.

© Dukascopy Bank SA
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