EUR/PLN 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN is likely to be highly volatile in the nearest future, not later than December 6 to be more precise, as the pair is bounded between two sloping trend lines that will converge on Friday. The trading range is narrowing rapidly and at the moment of writing the pair was fluctuating in a 99 pips range, compared with 716 on November 7, when the pattern was formed. Even though bears are facing strong support line at 4.2016, represented by lower trend line and 200-hour SMA, a dip below this level can be expected, as 71% of traders are holding short positions. Together with bearish technical indicators on a 4H chart, short traders can prepare to enter the market soon.
© Dukascopy Bank SA
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