EUR/PLN 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of indecisive trading near the upper end of the pattern earlier today, the Euro has finally performed a break out to the upside. It could be suspected from the fact that triangles are continuation patterns, as they only reflect a transitory consolidation of prices before further development. The daily R2 is the nearest possible resistance at the moment, but it is boosted by the April 8 peak, namely one of the triangle's apexes. Daily technical indicators assume the bulls have a proper chance to violate this supply and continue appreciating. Moreover, the SWFX market is too overcrowded with the bears now. Their 73% share is putting the longs in an even better position for the future.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.