EUR/PLN 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the general negative trend inside falling wedge pattern, the single currency has been hovering sideways against Polish currency for past couple of days. It has all opportunities to decline in the foreseeable future, as the pair has just recently bounced from the upper boundary of present pattern. SWFX market traders hold short positions in more than 63% of all cases, supporting movement to the south. Additionally, technicals on four-hour chart are bearish, while daily ones point strongly to the downside, with five out of eight indicators predicting decline of the Euro. Among considerable support levels, weekly pivot point at 4.1676 can potentially hold the pair for some period of time.
© Dukascopy Bank SA
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