USD/PLN 4H Chart: Descending Triangle

A test of the support at 3.0184 on Oct 22 entailed a robust rally of the U.S. Dollar, which topped out only after forming 90 candles at 3.1538. Subsequently, the pair has been trading between the horizontal support line at 3.0822, which is reinforced by the 200-period SMA, and the declining resistance line, thereby making a strong case for emergence of a descending triangle.

Given the nature of this pattern and the sentiment of SWFX market participants (71% of positions at the moment are long), the breakout to the upside seems to be a more likely scenario, although the technical indicators are slightly bearish right now.