The pair is currently bullish and will soon reach a level that it tested back in the mid of December. If it breaks this level, it may head towards the next Fib level (4.438). Note that the cloud is steeper in this new attempt and the PA may have enough force to break through. In this case, a long entry could be foreseen.
Renko is fine to check support and trend as it removes time from an already too complex equation. For the EURPLN pair, we clearly see the supporting diagonal for the last 8 months. We also observe that the bounce of this summer is repeating right now with a similar intensity. By copying the pattern of this summer, we may expect a small correction towards the (C)...
EUR/PLN edges higher, ignores bullish Polish manufacturing PMI data
EUR/PLN was better bid despite bullish Polish data, trades at 4.2490, away from 4.2417 low hit earlier in the day
Poland Purchasing Manager Index increased to 52.2 in October from previous 50.9, labour creation extended for a 27th month
Risk-off trades following the release of the Caixin...
Weekly:
- Ichimoku setup is extremely bearish, but Price looks a bit oversold given it has moved a lot away from Kumo and Kijun (equilibrium levels)
- Heikin Ashi is bearish, but haDelta/SMA3 turning up again from extremely low print
- In case of a correction maximum retracement tgt is ard 0,236 Fibonacci level + previous horizontal resistance (now bearish...
