EUR/PLN 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/PLN currency pair has just crossed an important resistance line represented by the 200-hour SMA at 4.1846. At the same time, for the bullish outlook to be established the common European currency is required to violate the next supply in face of the weekly pivot point at 4.1952. According to the four-hour and daily technical indicators, the pair's bulls are likely to accomplish this goal within the next 24 hours of trading. Ability to develop beyond the weekly PP will open the weekly R1 at 4.2178 as the next target for long traders. However, the majority of SWFX market participants are still remaining fairly negative with respect to this currency pair, as 69% of all open trades are short.

© Dukascopy Bank SA
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