EUR/PLN 4H Chart: Symmetrical Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN entered a descending channel pattern just to exit the symmetrical triangle it had developed arguably since June. The break below took place on October 6 at 4.2871, causing a retracement and tests of 4.2665, the weekly S1 Tuesday morning. With 4.2535 serving as the next target, we look for an extension of the bearish market and the channel pattern, leaving SMAs above to provide supply pressures for a smoother fall. The 4.2601 area is likely to put up a battle before that, as it did on August 10-12, when the pair's weakness was rejected. Fixing level 4.2330 as the ultimate target of the current wave, the rate will tap at the bottom trend-line and gain value to touch the upper trend-line next.
© Dukascopy Bank SA
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