EURPLN Analysis: Escaping the Triangle with a Last Chance for Buyers

By Tomasz Wisniewski|

Published: April 14 2023, 11:46 GMT+0

EURPLN Analysis: Escaping the Triangle with a Last Chance for Buyers

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Today, I have a technical analysis of an exotic instrument for you: the Polish Zloty. Specifically, I will show you the situation on the EURPLN pair, where we can observe a handsome bearish setup, but with buyers having a last chance before a full sell signal.

For over a year, the pair has been inside a symmetric triangle pattern (blue). As with every triangle, volatility decreased over time, and the price eventually had to choose a direction as it approached the end of the formation. In April, EURPLN chose to go down and escaped from the triangle, inducing momentum that allowed it to break a first mid-term horizontal support at 4.66 (yellow).

Currently, the price has paused on the last crucial support at 4.62 (purple). The first hours of trading on Friday showed us that the support was respected and the price bounced. As long as we stay above this support, buyers can still have a chance for a rise. However, if the price breaks below this support, it would mark the end of bullish sentiment and confirm a full-fledged sell signal.

Source: https://www.axiory.com/analytics/technical-analysis/eurpln-analysis-escaping-the-triangle-with-a-last

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