EUR/PLN poised for gains
EUR/PLN had been trading in an ascending channel since late August prior to breaching this pattern to the downside on Tuesday. The pair’s movement during the past two weeks resembles a channel down; however, another bottom confirmation is still needed.
Meanwhile, the common European currency has been testing the lower channel line for several hours, thus not being able to move below the 61.8% Fibonacci retracement.
Technical indicators suggest that the rate should recover in the short term. A possible upside target could be the upper channel boundary circa 4.2940—a level which is reinforced by the 55– and 100-hour SMAs, the monthly PP and the weekly S1.
In case of a downside momentum, the pair should be limited by the monthly S1 at 4.2516.
Meanwhile, the common European currency has been testing the lower channel line for several hours, thus not being able to move below the 61.8% Fibonacci retracement.
Technical indicators suggest that the rate should recover in the short term. A possible upside target could be the upper channel boundary circa 4.2940—a level which is reinforced by the 55– and 100-hour SMAs, the monthly PP and the weekly S1.
In case of a downside momentum, the pair should be limited by the monthly S1 at 4.2516.
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