EURPLN - Falling wedge, watch out for a breakout on long side

EURPLN had been rising since April 2015 in a channel from which it escaped in January before consolidating a bit. Price is now oscillating in a falling wedge and is being compressed, it found some support at 4.35 and is testing the upper trend. The volume is slightly decreasing which is a scenario often seen in wedges.

According to Bulkowski, the probability of an upward breakout in such pattern is 68%.

Read of the day: thepatternsite.com/fallwedge.html

Comment:

Looks like it was the 34% of probability that took over :) Price is retracing now to the lower part of the wedge, but at the same time it met the support of 13th January. Don't know if the fall would continue, maybe some lateral consolidation incoming.