EUR/PLN 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last five days the trading range of EUR/PLN has been narrowing, meaning the currency pair is presently forming a symmetrical triangle. However, since the Euro is already closing in on the apex of the figure, there should be an increase in volatility due to a break-out. Considering that most of the daily studies are pointing upwards and between Oct 9 and Oct 16 the bulls were more active than the bears, EUR/PLN is expected to breach the resistance at 4.23 and head towards the monthly R2. An alternative scenario, namely if the up-trend at 4.22 is broken, implies a slide down to a cluster of supports at 4.21 created by the monthly R1, Oct 20 low and 200-hour SMA.
© Dukascopy Bank SA
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