EUR/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN might be trading in a narrow (140 pips) but nonetheless distinct negatively-sloped channel, both boundaries of which were confirmed already on many occasions during its short, only 60-hour, life.
Right now the currency pair is trading just below the upper trend-line, which is reinforced by the daily pivot point and 200-hour SMA. Accordingly, there is a high possibility of a sell-off from the current level down to the lower trend-line at 4.13. And while the hourly and daily technical indicators are largely mixed, on the four-hour time-frame five out of eight studies are pointing downwards, with the remaining being neutral.
© Dukascopy Bank SA
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