EUR/PLN 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although EUR/PLN has been trading sideways since mid-June, now we can expect some notable moves to take place since the currency couple eventually left the triangle pattern that has been restricting the pair's upswings and downswings for the last 156 hours. In particular, the currency pair had dropped below the lower boundary a few hours before it reached the apex on Jul 15 and currently, it is still in the down-trend. The fact that the short-term SMA has just fall under the long-term SMA at 4.1406 confirms that a deepening sell-off is likely to lie ahead. The SWFX numbers validate the bearish view, indicating over 78% of market players bet on depreciation of the pair.
© Dukascopy Bank SA
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