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EURO / POLISH ZLOTY REFERENCE RATE

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EUR/PLN 1H Chart: Surge in medium term expectedFollowing a rebound from a 2,5-year low of 4.1317 late in January, the EUR/PLN exchange began moving higher in an ascending channel. This junior pattern proved to be strong enough to allow for a breakout of the dominant five-month channel last week (dashed lines). Technical indicators suggest that some upside potential still exists in the market. It could be capped near 4.2050 where the upper boundary of a medium-term channel, the monthly and weekly R1s and the 38.20% Fibo retracement are located. Given this significant resistance area, it is likely that the Euro corrects southwards and falls down to the 55– and 100-hour SMAs and the weekly PP circa 4.19. If looking at the pair’s movement during the two following weeks, the medium-term channel could surrender under the bullish pressure, thus paving the way for a surge in the medium term.
Long
by UnknownUnicorn890690
EUR/PLN 1H Chart: Wedge demonstrates downside potentialThe Euro has weakened notably against the Polish Zloty within the previous four months. During this time, the pair has diminished its trading range and formed a falling wedge pattern. The most recent test of its upper boundary started on January 19. The rate remained near this line for several sessions, but eventually fell down to the weekly S3 near 4.1350. In line with the prevailing wedge, the pair should decline even further down to its bottom boundary located near the 4.11 mark. This scenario should be realised next week. Meanwhile, it is expected that a brief correction up might be due. This increase in price, however, should not be long-lasting, as the northern side is limited by some notable resistance levels, such as the 100– and 200-hour SMAs, as well as the weekly and monthly S1s in the 4.1470/4.1600 area.
by UnknownUnicorn890690
EUR/PLN 1H Chart: Falling wedge dominatesEUR/PLN has been constrained by a channel down since mid-September. Given that the Euro has been trading with diminishing trading range, a falling wedge would be more precise depiction. The bottom line of this pattern was tested last week when the rate reversed from the 4.1425 area. Its subsequent movement was tended northwards within a narrow and steep ascending channel. Technical indicators suggest that the rate is likely to edge lower in this session. However, even if the 200-hour SMA is breached, the combined support of the 55– and 100-hour SMAs and the weekly PP is located nearby circa 4.1590. This area is expected to provide a strong barrier, thus resulting in a reversal back north. A near-term upside target is the upper wedge boundary and the monthly PP near 4.19.
by UnknownUnicorn890690
EUR/PLN 4H Chart: Near junior supportThe common European currency recently bounced off a dominant pattern’s resistance level against the Polish Zloty. In the aftermath of that event the currency pair began to plummet until it reached down to the combined support of the monthly PP and the lower trend line of the junior channel up pattern near the 4.2150 mark. However, in accordance with the larger scale situation that should not have occurred, as the pattern should be broken in the future, and a new junior pattern would form. Due to that reason the rebound is likely to be short lived.
by UnknownUnicorn890690
EUR/PLN 1H Chart: Pair confined by three channelsThe Euro’s movement against the Polish Zloty has been guide by several patterns since mid-September. The dominant one is a steep channel down. Its latest wave lacked direction, thus it could be characterized as a period of consolidation as a result of which another channel was formed. Meanwhile, the Euro bounced off the senior channel last week and has since began to edge lower towards the bottom boundary of the intermediate pattern located circa 4.2050. Technical indicators suggest that the pair could make a minor correction during the following day towards the support massive resistance cluster in the 4.2270/4.2350 area. Subsequently, the rate is expected to push for the intermediate channel, thus falling down to the aforementioned 4.2050 mark or the monthly S1 at 4.1920. By and large, given the steepness of the senior channel, it is likely that the Euro respects the intermediate channel more and thus breaches the former within the following week.
by UnknownUnicorn890690
EUR/PLN 1H Chart: Euro regains lost positionsThe EUR/PLN exchange rare is trading in two opposing channels. The senior pattern is a six-week channel down, while the pair’s movement during the past week-and-a-half has been guided by an ascending channel. The rate is currently regaining some lost positions and moving closer to the upper boundary of the senior pattern. On October 3, the Euro beached a long-term ascending channel valid since late April (dashed line on the chart). The pair has not yet made a rebound from this line—an area that intersects with the aforementioned senior channel in the 4.26/27 area. Thus, the base scenario in the short term favours the rate bouncing off the combined support of the 55-, 100– and 200-hour SMAs and the weekly PP circa 4.2450 and trading sideways.
by UnknownUnicorn890690
EUR/PLN poised for gainsEUR/PLN had been trading in an ascending channel since late August prior to breaching this pattern to the downside on Tuesday. The pair’s movement during the past two weeks resembles a channel down; however, another bottom confirmation is still needed. Meanwhile, the common European currency has been testing the lower channel line for several hours, thus not being able to move below the 61.8% Fibonacci retracement. Technical indicators suggest that the rate should recover in the short term. A possible upside target could be the upper channel boundary circa 4.2940—a level which is reinforced by the 55– and 100-hour SMAs, the monthly PP and the weekly S1. In case of a downside momentum, the pair should be limited by the monthly S1 at 4.2516.
Long
by UnknownUnicorn890690
EUR/PLN 1H Chart: Symmetrical TriangleEUR/PLN 1H Chart: Symmetrical Triangle The common European currency is trading against the Polish Zloty in a short-term symmetrical triangle. The pattern started to form right after the 1.5% appreciation of the Euro, which was triggered by announcement of the ECB Minimum Bid Rate two weeks ago. For the moment, the pattern already has four confirmation points, which means that it has reached maturity and might be broken in the nearest future. Most likely, the currency pair will leave the formation in the upward direction. Firstly , because the southern side is reliably protected by the 200-hour SMA, the monthly PP at 4.2457 as well as the weekly S1 at 4.2414. Secondly , because the triangle represents a body of the larger pennant pattern whose flagpole appeared because of the above fundamental event. In this sense, the rate is expected to surge approximately by 1.29% .
by UnknownUnicorn890690