EURPLN has turned from a Head and Shoulders on 1W (neutral STOCH, ADX, CCI, Highs/Lows) to a Rectangle on 1D (ATR = 0.0187). Take sideways scalps within the 4.3400 Resistance and the 4.2655 Support.
The price of the parity is trading inside of the symmetrical triangle formation. Once it reaches the tip of the triangle, it will more likely break the formation to the up. 4.4140 level will be our strong resistance.
I like a lot the chart of the EUR vs the Polish Zloty.
We are most probably entering in wave 5 which can be strong.
This is not a popular Forex pair but I see potential for gains.
At the H4 chart of EURPLN, the price has started a new bullish trend: above the Alligator indicator and AO above the zero line. In addition, it seems that the instrument is in a bullish Elliott cycle, more precisely, at the beginning of wave 3.
EUR/PLN has broken over the 200 ema on the 1 hour chart. If it finds supoprt on top of it and it doesn't break it back down, we can expect it to push higher up.
The spread is about 15 pips for this pair, so make sure you calculate your lot size with your spread put into consideration.
The 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...
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...
EURPLN has switched to a Channel Down on 1D (RSI = 35.852) and despite the slow pace (MACD = -0.016, Highs/Lows = -0.0192, B/BP = -0.0216) can extend (gradually) to a new Lower Low at 4.2200. This is our TP where a short term consolidation is expected (oversold already on STOCH = 19.416, STOCHRSI = 6.677, Williams = -92.202).
EURPLN was pushing up during the London session but NY is pushing it down again in the direction of the current trend.
Price bounced off the trendline right at pivot M3 so this means we are targeting M1 at 24.24000 and trading the weekly swing.
Trade safely !
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...
FOREXCOM:EURPLN
Entry: 4.335
Stop Loss: 4.353
Take Profit: 4.291
Of course all this depends on how EurUsd is going to play out. We will be watching EurUsd keenly to know our next move.
Both TP = 4.34099 and 4.3700 got hit on EURPLN as the price aggressively increased inside the 1D Channel Up. This pattern is still intact and as you see it is testing the lower supporting trendline. With the 1D RSI = 48.813, MACD = 0.004, Highs/Lows = -0.0129, we can assume with a certain degree of technical certainty that the new Higher Low has been placed. The...
The common European currency has been declining since the start of July against the Polish Zloty. The event from a technical perspective began due to the currency rate meeting the upper trend line of a dominant ascending channel pattern. The bounce off resulted in the formation of a descending medium term pattern, which is likely going to guide the rate...
