EUR/PLN 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A Falling Wedge pattern worth of attention has emerged in the Euro-zloti cross. At the moment it is approaching strong support are around 4.2 (1.5 month low) which should cause some volatile/choppy moves. However, the presumption remains that pair will continue moving towards the pattern's support which could be reached in the course of 4-5 days if the pair maintains the same momentum. It seems that Fibonacci retracements (beginning to the end of July move) had some influence, but as the pair has already breached the 23.6% and 38.2% levels they were excluded from the further analysis.

© Dukascopy Bank SA
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Thu, 08 Aug 2013 13:15:00 GMT

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