EUR/PLN 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair is posing for depreciation as this is one of the main presumptions of the double top pattern's—the pair fails to reach new (relative) high and gradually trails to the prior to the pattern trading levels. In this case that would constitute a 600 pip move. Short and medium term technicals point at appreciation of the pair which  seems rather likely since the bears have been rather aggressive and bulls are not willing to surrender easily. Fibonacci retracements (9th to 19th of August move) seems to play significant role in the pattern—pattern's support is close to the 38.2% retracement, recent pullback was ignited by the 23.6% retracement.

© Dukascopy Bank SA
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Fri, 23 Aug 2013 08:07:41 GMT

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