EUR/PLN 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN halted its depreciation in the very beginning of April and shortly after started to form an ascending triangle pattern. Recently, the pair has attempted to break out of the 174-bar long formation but the breakout was false and the currency couple now is again surrounded by the triangle lines.
In the foreseeable future, the pair of two European currencies is expected to retreat from the upper limit as more than 90% of all orders at the SWFX are placed to sell the pair. We also may note that proximity of the apex-the apex will be attained on April 28—signifies that the real breakout is looming; however, the direction of the exit now seems obscure.
© Dukascopy Bank SA
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