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The Euro is also unlikely to recovery versus the Polish Zloty in the foreseeable future. This currency pair has just bounced off the upper boundary of the falling wedge pattern and bears are increasingly supported by many technical levels above the spot. Dense resistance area at 4.25-4.26 consists of weekly and monthly pivot points, 100 and 200-period SMAs. Moreover, 74% of traders in the SWFX market assume the bearish pressure is not going to weaken. On the other hand, the pattern's implies an eventual breakout to the upside when both trend-lines merge in the future. This event is set to happen next week and weekly indicators already see EUR/PLN higher. Thus, we hold a bullish view for the long term.
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