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.
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.