EUR/PLN 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
While around the New Year's time we observed extreme price volatility, since the Jan 22 the currency pair has been trading between two parallel trend-lines. This gives us a good reason to suspect that instead of following its generally tendency the Euro is going to undergo a bullish correction in the short run. Support is at 4.05, and it is highly unlikely to be broken in the next few days. A rally up to 4.11, where EUR/PLN is expected to meet the upper boundary of the pattern, appears to be a more probable scenario. Meanwhile, there are significantly more bulls (71%) than bears (29%) in the market, as the pair might already seem to be oversold, considering that it approaches the 2012 low.
© Dukascopy Bank SA
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