Dukascopy

EUR/PLN 1H Chart: Bearish sentiment allays

FX_IDC:EURPLN   Euro / Polish Zloty
The Euro             has depreciated substantially against the Polish Zloty since March 21. The pair reversed from the senior channel located near 4.24 during the given session and began trading in a new channel down.

The pair’s trading range within this pattern has diminished, as it has failed to reach its bottom boundary for the past two weeks. This suggests that the Euro             might be ready for a bullish breakout.

In case this scenario occurs, the pair should target the upper boundary of the senior channel circa 4.22. There are some notable resistance levels along the way that could hinder the pair for some time, including, the 200-hour SMA and the monthly PP at 4.1965 and 4.21, respectively.

On the other hand, the rate might still edge slightly lower down to a medium-term channel circa 4.17. A fall below the 4.1650 is not expected.
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