EUR/PLN 1D Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/PLN launched several attacks at levels above its trading range, but proved an uptrend unsustainable as it sank to 4.2615, where a double bottom was formed, suggesting that a bearish market could be sustainable at last. The pair easily broke the neckline at 4.3756, setting now eyes on 4.4737, the June high, and shows more risk at 4.5803, where December 2011 highs could remind of themselves. The pair is now squeezed between the monthly R2 and R3, displaying a red candle, and we expect 4.3992 to not give access to levels underneath, causing a bounce towards levels long forgotten.
© Dukascopy Bank SA
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