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

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.