EUR/PLN 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The immediate outlook on EUR/PLN is bearish. The pair has recently bounced off of a dense supply area at 4.3180/60, which is represented by the multi-week trend-line and 200-period SMA, and the price still has not found a strong support. However, despite the bearish technical indicators, the longer-term risks are skewed to the upside. For one, the rate is approaching a major support trend-line that has been underpinning it for the last 12 months. At the same time, EUR/PLN is forming a falling wedge, a pattern that suggests an incoming reversal. Once the red trend-line is broken, the first target will be 4.3180/60, followed by 4.3600 and 4.3940.
© Dukascopy Bank SA
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