Patterns: EUR/PLN, EUR/HUF

Dukascopy Bank Team Dukascopy Bank SA

EUR/PLN 4H Chart: Ascending channel in sight

The EUR/PLN currency pair has been trading within an ascending channel since the beginning of June.

From a theoretical point of view, it is likely that some upside potential could prevail in the market, and the exchange rate could continue to trade within the given channel in the medium term.

Meanwhile, note that the currency pair is pressured by the 55–hour moving average. Thus, it is likely that the pair could breach the predetermined trend south within the following trading sessions. In this case the pair could gain support from the Fibo 61.80% at 4.3244.

EUR/HUF 4H Chart: Downside potential could prevail

As apparent on the chart, the EUR/HUF exchange rate failed to exceed the resistance level formed by the Fibo 23.60% at 355.21.

Given that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, it is likely that some downside potential could prevail in the market. In this case the pair could gain support from the Fibo 61.80% at 334.11.

It is unlikely that bulls could prevail in the market, and the exchange rate could exceed the psychological level at 370.00 in the medium term.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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