EUR/PLN 4H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached almost a two-month high on September 6, the single currency followed a bearish trend against Polish Zloty. In the end of September, the formation of the double bottom pattern started; the currency pair firstly fell to a five-month low, then recovered to the pattern's resistance and after that performed similar movements but with smaller amplitude. Now the pair is attempting to breach the formidable resistance line that if overcome would create a strong buying pressure on the pair. Although double bottom patterns usually result in bullish breakout, market players do not bolster this view, being strongly bearish on EUR/PLN (92.31% of all orders are placed to sell the pair).
© Dukascopy Bank SA
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