EUR/PLN 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another rectangle was formed by EUR/PLN on August 9 and the picture here is not so clear. The pair seems to be overbought already, as Stochastic moved above the benchmark level, which indicates strong bullish sentiment. The pair is rapidly approaching the resistance line, however, current market sentiment, which is bearish, is raising concern the upper trend line will be penetrated from the first attempt. Moreover, indicators on 1H and 4H are "neutral", hence short and medium term outlook cannot be so clear. However, technicals on a daily chart are pointing at further appreciation of the pair.
© Dukascopy Bank SA
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