Eur-Pln Short SetupEur-Pln Short Setup
Resistance Area Rejected With Grave Stone Doji
Also Rejected Trend line After Retrenchment
Fibbo Also Confluence
EURPLN trade ideas
EUR/PLN bounces higher from trendline support, long at 2.2450EUR/PLN edges higher, ignores bullish Polish manufacturing PMI data
EUR/PLN was better bid despite bullish Polish data, trades at 4.2490, away from 4.2417 low hit earlier in the day
Poland Purchasing Manager Index increased to 52.2 in October from previous 50.9, labour creation extended for a 27th month
Risk-off trades following the release of the Caixin Chinese PMI report favoured safe-haven currencies such as the euro
EUR/PLN has strong trendline support at 4.2420, pair has taken support and edged higher, weakness only below 4.2420
Immediate resistance on the upside is located at 4.2668 (Daily Tenkan) ahead of 4.2804 (Oct 30 highs)
Recommendation: Good to buy dips around 2.2450, SL: 2.2400, TP: 2.2660
EURPLN - Profit takers may step in at 4,00 psichological level Weekly:
- Ichimoku setup is extremely bearish, but Price looks a bit oversold given it has moved a lot away from Kumo and Kijun (equilibrium levels)
- Heikin Ashi is bearish, but haDelta/SMA3 turning up again from extremely low print
- In case of a correction maximum retracement tgt is ard 0,236 Fibonacci level + previous horizontal resistance (now bearish support) at 4,09
Daily:
- Ichimoku setup is strategic bearish
- Heikin Ashi gives early signal for a possible short covering and pull back. Doji candle + haDelta is further up above SMA3
- Price may retest Kijun Sen +/-, ard 4,07-4,08
Cover shorts and maybe enter 0,5 unit counter swing long, with tight stop below 3,99.
