EUR/PLN 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Yesterday we discussed the present currency pair with a look at four-hour chart, while on hourly one we can observe a formation of a very qualitative triangle pattern. In a couple of hours the single currency is supposed to make a confident move through one of trend-lines. At the moment it is already trading above the 100-hour SMA at 4.1808. In case it holds above the upper boundary, we can expect a considerable advance up to major level at 4.19. Market participants hold long positions in a slight majority of all cases, namely just more than 52% of them. Technical indicators, however, are mixed on short and medium-term time-frames, while in the long term we can predict the Euro to lose value.
© Dukascopy Bank SA
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