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EURO / POLISH ZLOTY

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EURPLN trade ideas

EUR/PLN 1H Chart: Symmetrical triangle in sightThe EUR/PLN currency pair has been trading in symmetrical triangle since the beginning of July. Also, the pair reversed from the upper pattern line located near 4.3282. Given that currently the rate is pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair goes downside. A potential target is the lower triangle line located circa 4.2800. Technical indicators for the short term support bearish scenario. If the pattern does not hold, a breakout south might follow. Important support level to look out for is a combination of the Fibonacci 50.00% retracement and the weekly S2 at 4.2738.
by UnknownUnicorn890690
EUR/PLN 1H: Pair tests senior patternThe EUR/PLN exchange rate is trading in two prominent channels. The most senior pattern is an ascending channel which was formed in December 2017, while the more junior one has been guiding the Euro since the beginning of June. The pair reversed from the senior channel on August 17. It did, however, fail to accelerate, being restricted by the junior channel and the monthly PP at 4.32. As a result, it had returned near the senior channel today. Two scenarios should be considered. First, in case the senior channel near 4.2650 remains intact, the rate should target the junior channel circa 4.31 and eventually breach it to the upside. Second, bearish sentiment could prevail in the market, thus setting the 200-day SMA and the monthly S1 at 4.2250 as the most probable downside target.
by UnknownUnicorn890690
Head and Shoulders formation. Short near the top of RS.EURPLN has eventually rebounded on the same distance bar from High to Low and is in the process of forming the Right Shoulder of the 1W Head and Shoulders pattern (RSI = 57.116, CCI = 10.8781, Highs/Lows = 0.0000). 4.3273 is a valid point to enter an additional short as the top is projected to be near 4.3400. A conservative TP is 4.25796 with the extension on the 4.23609 support. The 1D Channel Down that should emerge can even target 4.22033.
Short
by InvestingScope
2
EUR/PLN 4H Chart: Decline continues The single European currency has depreciated massively against the Polish Zloty since the beginning of July. The currency pair started the decline after it reached a one –year high level at the 4.42 mark. The exchange rate has since lost 3.59% of its value since July 4. During the one month long of the Euro weaken, the pair breached a significant support level within this period. Namely, the 55-, 100-, and 200-hour SMAs. The pair has moved closer to the bottom border of a dominant ascending channel pattern and could be set for a breakout. In the meantime, it is expected that the EUR/PLN pair to make a brief retracement toward the 55-hour simple moving average during the following trading session.
Short
by UnknownUnicorn890690