EUR/PLN 4H Chart: Symmetric Triangle

Source: Dukascopy Bank SA
The common European currency recently has formed a symmetrical triangle against the Polish Zloty. Most recently the tip of the triangle has moved below the 50.00% Fibonacci retracement level, which is located at the 4.2569 level. Due to that factor a breakout is expected, and because of the strength shown by the retracement level, it is expected that the currency exchange rate will break out of the triangle to the downside. Afterwards the pair is likely going to form a new medium term pattern, which will be aimed at the 38.20% Fibonacci retracement level, which is located at the 4.1886 mark. The Fibonacci retracement levels for this pair are measured by connecting the 2015 low level with the high level of 2016.
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