EUR/PLN 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since September EUR/PLN has been relatively calm, fluctuating around 200-hour SMA. However, after forming a triangle pattern on November 7, movements were very remarkable. Just in 57 hours the pair soared more than 700 pips. Since that time we have not seen spikes of volatility, however, the fact bulls penetrated pattern's upper trend line, is suggesting EUR/PLN represents great opportunity for traders. The pair is likely to appreciate in the nearest future, as technical indicators on a daily chart are sending "buy" signals, while from the downside, the pair is supported by a bunch of levels around 4.19, which is a key level in the nearest future.
© Dukascopy Bank SA
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