EUR/PLN 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy BanK SA
The EUR/PLN has been trading in a broadening falling wedge pattern for almost a month a now. With the trading range getting wider with every hour, the pair's current most probable scenario is a rally towards the wedge's resistance trend-line; however, the Euro first requires to pierce the 55-hour SMA, which is bolstered by the weekly R1. The given SMA might also cause the single currency to bounce back and extend the fall all the way towards the support line near the 4.2000 major level. Technical studies are pointing out on a possible consolidation, ranging between the 55 and 100-hour SMAs. Market sentiment is strongly bearish towards the Euro, as 72% of all positions are currently short.
© Dukascopy BanK SA
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