The common European currency recently passed the support of the 38.20% Fibonacci retracement level against the Polish Zloty. Due to that factor a review of the situation is required. First of all the pair remains simultaneously in two descending channels. Secondly, the 38.20% Fibonacci retracement level, which is located at the 4.1882 level and which is measured by connecting the 2015 low and 2016 high levels, had been clearly left above the exchange rate. As these factors are being taken into account, a hypothesis can be made. The currency pair is set to gradually decline down to the support of the 23.60% Fibonacci retracement level, which is located at the 4.1038 level.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 4.2225 | 200-period SMA | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 4.2067/80 | 100-period SMA; monthly S1; trend line | RSI (14) | Neutral | Neutral | Buy | ||
| R2 | 4.1960/92 | 55-period SMA; weekly PP | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 4.1882 | 38.20% Fibo | ADX (14) | Neutral | Sell | Sell | ||
| S1 | 4.1750 | Monthly S2 | CCI (14) | Neutral | Buy | Buy | ||
| S2 | 4.1686 | Weekly S1 | AROON (14) | Buy | Buy | Buy | ||
| S3 | 4.1443 | Trend line | Alligator (13; 8; 5) | Sell | Sell | Sell | ||
| S4 | 4.1364 | Monthly S3 | SAR (0.02; 0.2) | Sell | Sell | Sell | ||
| Aggregate | ↘ | ↘ | ↘ |