EUR/PLN 1W Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Five years ago EUR/PLN started to post lower highs and higher lows, which eventually resulted in formation of the symmetrical triangle. However, it seems that the currency pair has finally managed to escape the boundaries implied by the pattern by breaking the lower trend-line, even though the break-out to the upside was deemed to be more likely, considering that the 200-week SMA remains intact and may still prevent extension of the dip. Nevertheless, if the sell-off persists, the rate will be expected to target 4.0291, the 2012 August low. Meanwhile, it must be noted that a substantial majority of the SWFX market participants are holding short positions at the moment, specifically 73% of them.

© Dukascopy Bank SA
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