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% .
