EUR/PLN 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that EUR/PLN has been recently trading between two converging bearish lines, there is a substantial chance the current trend will give place to a bullish one. Another reason to be long the Euro is a dense demand area between 4.09 and 4.10, created by the monthly S2, 2014 low, and support line. Accordingly, if the currency pair manages to breach resistances at 4.15 (trend-line and weekly PP) and 4.1650 (long-term SMA), the outlook will become bullish. Meanwhile, the technical indicators lean towards the bearish outcome, and a large portion (63%) of the SWFX market participants is holding short positions at the moment.
© Dukascopy Bank SA
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