EUR/PLN 4H Chart: Falling Wedge Pattern In Sight

Technical analysis of Forex market

Since the beginning of January, the EUR/PLN currency pair has been trading within a falling wedge pattern. From a theoretical point of view, it is likely that the exchange rate could continue to decline within the predetermined pattern in the medium term. The rate could breach the given pattern north by the beginning of April. Meanwhile, note that the currency pair is supported by the 55-, 100– and 200-period moving averages in the 4.4960/4.5140 area. Thus, a breakout north could occur in the nearest future. The pair could target the psychological level at 4.6200.