Dukascopy Bank Team
Dukascopy Bank SA
EUR/PLN 4H Chart: Channel Down
Comment: The bears are unlikely to remain in control of EUR/PLN for long. Even though there is a downward-sloping channel emerging in the four-hour chart, we hold a bullish bias towards the Euro. The main reason is the pair’s proximity to a major rising support line, which has been successful in underpinning the price since this year’s April. An additional reason to be bullish is the technical indicators, which are mostly sending ‘buy’ signals for the four-hour and weekly time frames. In the short run however, there is likely to be a selloff from 4.2350, but the decline should be limited by 4.19. Nevertheless, the SWFX market is dominated by bears: 73% of open positions are short.
EUR/CAD 4H Chart: Channel Up
Comment: EUR/CAD appears to be bullish in all time frames. During the next few days the currency pair is expected to extend recovery up to 1.51 after it confirmed the green trend-line. The medium-term outlook is bullish due to the channel the Euro is currently forming. Finally, the long-term prospects are positive as well because of the six-month up-trend that is likely to prevent dips beneath 1.47 and because the spot price remains above the long-term moving average. Additionally, a large portion of the technical studies is pointing north. Still, the sentiment in the market towards EUR/CAD is strongly bearish, as 71% of open positions are short.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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