EUR/PLN - potential harmonic pattern
The EUR/PLN exchange rate has been forming a potential bullish harmonic pattern labeled as XABCD. What is more, it could also be labeled as ABC simple corrective pattern so the market may be prepared for a potential new impulse wave.
The euro could strengthen to Polish zloty after a 4,50 level breakout and then the way to the next 4,55 resistance level. It seems that only a move below 4,47 may change the sentiment from bullish to bearish.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The euro could strengthen to Polish zloty after a 4,50 level breakout and then the way to the next 4,55 resistance level. It seems that only a move below 4,47 may change the sentiment from bullish to bearish.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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