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EUR/CZK 4H Chart: Bears Could Prevail

Since the beginning of December, the EUR/CZK exchange rate has been declining, pressured by a descending trend line.

Given that the currency pair is pressured by the 55-, 100–” and 200-period moving averages in the 25.85/26.00 range, it is likely that some downside potential could prevail in the market. The pair could target the 24.80 level in the medium term.

In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the 26.40 mark due to the resistance level–”the Fibo 50.00%.

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