EUR/PLN 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of indecisive trading near the upper end of the pattern earlier today, the Euro has finally performed a break out to the upside. It could be suspected from the fact that triangles are continuation patterns, as they only reflect a transitory consolidation of prices before further development. The daily R2 is the nearest possible resistance at the moment, but it is boosted by the April 8 peak, namely one of the triangle's apexes. Daily technical indicators assume the bulls have a proper chance to violate this supply and continue appreciating. Moreover, the SWFX market is too overcrowded with the bears now. Their 73% share is putting the longs in an even better position for the future.
© Dukascopy Bank SA
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Thu, 14 Apr 2016 14:05:09 GMT

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