EUR/PLN today broke the Clear Up Channel chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the low Initial Trend (measured at the 2 bar level), significant Uniformity (7 bars) and higher Clarity (8 bars).
Strong Uniformity and Clarity reflect the well-formed chart pattern with high visibility to the market participants. The top of this Up Channel (point B on the chart below) was formed when the pair corrected down from the 38,2% Fibonacci Retracement of the preceding downward price impulse from June (which also reversed the pair down in September). Autochartist rates the strength of this Breakout at the maximum 10 bar level, which heightens the likelihood that the pair will continue to decline toward the Forecast Price 4.0857 in the nearest time.
The following daily EUR/PLN chart below shows the technical price levels mentioned above: