EUR/PLN 1H Chart: Descending Triangle
Comment: The pair failed to reach the 4.24 level at the end of August, as it entered consolidation phase , being supported around the 4.2050 mark. Even though the pair is trading near the triangle’s apex the technical indicators are not giving clear signals, as they are neutral. Although, an overwhelming majority (70.75%) of the traders expect the pair to decline. At the same time there are substantial resistance levels (weekly and monthly PPs) near the pattern’s support around 4.2050. Thus, if the pair manages to slide below the previously mentioned cluster of resistances then there are no major obstacles in front to reach the 4.1900 level.GBP/USD 4H Chart: Channel Down
Comment: GBP/USD remains bearish since the second week of July and is likely to stay that way for foreseeable future, given that it is trading between two parallel downward-sloping lines. At the moment, the currency pair is hovering above the major level at 1.6500, which has not been breached since March 2014. That, of course, makes this level significant. And if the pair’s bears fail to drag the Pound below this level then a rebound towards 1.66 might be expected. Moreover, since the bulls are in majority (56.02%) this scenario is rather likely. However, if the pair slides below the 1.65 level then the bearish channel is likely to stay in effect.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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