EUR/PLN 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN is approaching the August peak, which is expected to be a turning point for the currency pair's two-week recovery. A dip beneath 4.25 (up-trend and weekly PP) will confirm a bearish break-out, and there are unlikely to be any significant rallies before the price hits 4.2350, where the 200-hour SMA coincides with the weekly S1. In the long run, however, the sell-off will be expected to extend down to the last month's minimum at 4.18. On the other hand, if the Euro manages to climb over 4.27, it will open a way towards 4.37, which is so far this year's highest point. The SWFX traders' sentiment is negative, being that only 28% of market participants are currently holding long positions.
© Dukascopy Bank SA
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