EUR/PLN 1H Chart: Euro regains lost positions

The EUR/PLN exchange rare is trading in two opposing channels. The senior pattern is a six-week channel down, while the pair’s movement during the past week-and-a-half has been guided by an ascending channel .

The rate is currently regaining some lost positions and moving closer to the upper boundary of the senior pattern.

On October 3, the Euro beached a long-term ascending channel valid since late April (dashed line on the chart). The pair has not yet made a rebound from this line—an area that intersects with the aforementioned senior channel in the 4.26/27 area.

Thus, the base scenario in the short term favours the rate bouncing off the combined support of the 55-, 100– and 200-hour SMAs and the weekly PP circa 4.2450 and trading sideways.
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