EUR/PLN today broke down sharply below the horizontal Key Support Level 4.0737, identified earlier by Autochartist on the 4-hour charts. Autochartist rates the Significance of this Key Level at the 5 bar level which reflects the fact that the price reversed 5 times from this support in the last 263 candles. This Key Level breakout is continuing the predominant downtrend that can be seen on the daily and the weekly EUR/PLN charts. The pair has previously broken the support trendline of the daily upward correction from August from this year – which accelerated its downward movement and led to the recent breakout of this Key Level. EUR/PLN is expected to fall further toward the Forecast Price 4.0196 (which stands close to the previous price low from August which started the aforementioned upward correction). Expect strong support near 4.0196.
The following daily EUR/PLN chart shows the technical price levels mentioned above: