EUR/PLN 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although most recently the Euro fell against all other currencies, as ECB president Mario Draghi made comments regarding quantitative easing in the Eurozone, there is on currency, against which the common European currency is appreciating. That currency is the Polish Zloty, as the rate is simultaneously in two ascending channel patterns. First of all there is not just a simply large channel up pattern, but a channel, which properly should be called huge, as only the support line can be observed on the four hour chart. Secondly, the rate is in a rebound against the before mentioned support in an ascending channel. In addition, the Fibonacci retracements connecting the 2015 low and 2016 high levels are playing a role of support for the rate.
© Dukascopy Bank SA
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