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For the past 250 hours the trading range of EUR/PLN has been gradually narrowing. But this tendency is unlikely to persist in the future, considering that the currency pair has just broken the lower edge of the triangle it has been trading within since Jun 19. Now, if 4.1450 is confirmed to be the new resistance, possibly after a test of the nearest significant support at 4.1311, the Euro will be in a good position to target Jun 19 low at 4.1157.
In the meantime, the SWFX traders' sentiment is distinctly bullish—as many as 61% of open positions are currently long, suggesting the price is going to extend the Jun 6-20 advancement.
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