EUR/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been underperforming the Polish Zloty since the beginning of this year, and the currency is likely to lose even more value in the future. EUR/PLN has formed a bearish channel, and it is thus expected to update March low while staying beneath the down-trend currently at 4.1220. Additional demand is seen near 4.1057, where the daily S1 merges with the weekly S1. However, it should be noticed that the currency pair is approaching the 2014 low (4.0921), a test of which may well result in violation of the upper boundary of the channel. It is possible the SWFX sentiment is distinctly bullish (74% of open positions are long) for this particular reason.
© Dukascopy Bank SA
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