EUR/PLN 1D Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is currently appreciating relatively to the Polish Zloty, but the bullish momentum is waning. The currency pair is forming a rising wedge, meaning the risks are skewed to the downside. The green trend-line should eventually be broken, which in turn will trigger a strong sell-off. The first target will then be the monthly S1 at 4.2140, followed by the September low at 4.1820, while the main demand area will be around 4.1650, where the monthly S2 coincides with the 200-day SMA. At the same time, a close above 4.30 will alleviate immediate downside pressure, and we will be looking for a test of the last year's high at 4.40. Meanwhile, there are considerably more bears (74%) in the market than there are bulls (26%).
© Dukascopy Bank SA
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