EUR/PLN 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on EUR/PLN is bullish both in the short and long terms. The currency pair is forming an ascending triangle, a continuation pattern, meaning a breach of the resistance level at 4.2650 is more likely that a decline through the rising support line at 4.22. Once 4.2650 is out of the way, the price will likely target the January high at 4.37 next. As for the prospects for the next several days, the Euro is also expected to appreciate. The pair has just confirmed the lower boundary of the figure, and the technical indicators are giving ‘buy' signals on all relevant time-frames. The current rally has a good chance to extend at least up to 4.2650, which should eventually be broken to the upside.
© Dukascopy Bank SA
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