Dukascopy
Long

EUR/PLN 1H Chart: Surge in medium term expected

OANDA:EURPLN   Euro / Polish Zloty
Following a rebound from a 2,5-year low of 4.1317 late in January, the EUR/PLN exchange began moving higher in an ascending channel . This junior pattern proved to be strong enough to allow for a breakout of the dominant five-month channel last week (dashed lines).

Technical indicators suggest that some upside potential still exists in the market. It could be capped near 4.2050 where the upper boundary of a medium-term channel, the monthly and weekly R1s and the 38.20% Fibo retracement are located. Given this significant resistance area , it is likely that the Euro             corrects southwards and falls down to the 55– and 100-hour SMAs and the weekly PP             circa 4.19.

If looking at the pair’s movement during the two following weeks, the medium-term channel could surrender under the bullish pressure, thus paving the way for a surge in the medium term.
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