EUR/PLN 1H Chart: Symmetrical triangle in sight

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The EUR/PLN currency pair has been trading in symmetrical triangle since the beginning of July. Also, the pair reversed from the upper pattern line located near 4.3282.  

Given that currently the rate is pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair goes downside. A potential target is the lower triangle line located circa 4.2800. Technical indicators for the short term support bearish scenario. 

If the pattern does not hold, a breakout south might follow. Important support level to look out for is a combination of the Fibonacci 50.00% retracement and the weekly S2 at 4.2738.

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