EUR/PLN 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair failed to reach the 4.24 level at the end of August, as it entered consolidation phase , being supported around the 4.2050 mark. Even though the pair is trading near the triangle's apex the technical indicators are not giving clear signals, as they are neutral. Although, an overwhelming majority (70.75%) of the traders expect the pair to decline. At the same time there are substantial resistance levels (weekly and monthly PPs) near the pattern's support around 4.2050. Thus, if the pair manages to slide below the previously mentioned cluster of resistances then there are no major obstacles in front to reach the 4.1900 level.
© Dukascopy Bank SA
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