EUR/PLN 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN cut the ranging market in an ascending triangle pattern which might bring the pair away from half-year lows of 4.2822 and could be possibly a start to a large-scale bullish reversal. The pair has been testing the upper boundary of the pattern quite a lot, so there are mixed signals on whether the next wave south will be executed at all. The triangle resistance lies at 4.3131 with an outside-pattern supply area at 4.3158, just above. Immediate support is set at 4.3100 and a multitude of levels beneath it, but above the bottom boundary of the pattern could make sure the pair never makes it to the downside.
© Dukascopy Bank SA
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