In our previous analysis of the EUR/PLN exchange rate, we’ve been talking about a potential XABCD harmonic pattern which could also be labeled as simple correction ABC. The market has moved above potential resistance at 4,50 PLN which opened the way to another potential resistance at 4,55 PLN.
However, if this level is broken the market may move even to the December top at 4,62 PLN. It seems that we’re currently observing a potential impulse wave that could be similar to the one observed in the second half of the last month of 2020.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
However, if this level is broken the market may move even to the December top at 4,62 PLN. It seems that we’re currently observing a potential impulse wave that could be similar to the one observed in the second half of the last month of 2020.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
