INDICATORS: RSI, Volatility, Volume, HMM
KEY PRICE LEVELS : 4.0908 - 4.2498 - 4.3008
Weekly CHART PATTERN : resistance and support lines, W1 Chart.
The EUR/PLN pair is moving in a triangle pattern dynamics with a resistance line at 4.3008 . The chart analysis indicates a slightly bullish dynamics and it can be supported by the Hidden Markov Models Analysis and the RSI momentum indicator. RSI is relatively adeguate with a slightly bullish tendency.
The D1 scale indicates that the patttern is in a bullish dynamics with a support zone at 4.0908. The trend can lead to a possible bearish retracement with objectives at zone at 4.2498.
To give an evaluation of the possible movements of the cross it is utilized the Hidden Markov indicator techniques.
With the combination of the price lines and the stochastic Hidden Markov Processes are indicated two possible forecast value.
- The forecast value in the bullish is valued at 4.2498
- The forecast with the bearish cycle is valued at 4.0908
Figure 2 exhibits the hypothetical path and the forecast value
Considering the slope of the trends, the key level price and the possible retracement it can be evaluated a forecast price level at 4.2498.