EURPLN bounces off key support

The EURPLN suffered a huge drop in April and first half of May, which was technically caused by the bearish breakout from a huge symmetric triangle pattern (blue). The slide was impressive and two days ago reached a key horizontal support at the 4.48 (green) which had been a low since February. This was a tremendous place to initiate a take-profit action and the traders did not disappoint. The price is currently edging higher, creating a V-shaped reversal.

We still have some training ahead of us today and a whole day tomorrow, but if the EURPLN manages to close the week somewhere near the current levels, we will get a very strong reversal pattern. How deep can the bullish correction go? Well, my idea would be the 50% Fibo and resistance at 4.64 (purple). The chances of getting there are currently quite high but, of course, buyers would need quite a bit time to get there.