EUR/PLN 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN has been trading within a symmetrical triangle since the beginning of May. However, one of the trend-lines forming the pattern should soon be breached, given that we are approaching the apex of the triangle. If there is a break-out to the upside, as believed by 42% of traders, the first target will be the Jul 18 high at 4.1643, followed by the Jun 20 high and Apr 25 high at 4.1832 and 4.2269 respectively. Conversely, should the bears take an upper hand in the nearest future, as reckoned by 58% of SWFX market participants, and the 200-period SMA together with the up-trend at 4.1438 fail to underpin the price, both the Jul 9 low at 4.1244 and Jun 9 low at 4.0920 will be exposed.
© Dukascopy Bank SA
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