Weekly chart:
EUR/PLN Our big picture in the weekly chart is clearly showing us the last high at PLN 4.9317, resulting from February 2009. From this high point, the Polish Zloty then fell back considerably; however, it was able to stabilise itself again in the region of PLN 3.82. Beginning in December 2009, this currency pair started a new, small upwards trend, such that by now, this uptrend has been able to establish a new correction zone. From out of this green zone, the price has previously almost managed to reach the last course high at PLN 4.52. If there are enough buyers, the high from February 2009 could also soon be attainable once more.
Daily chart:
When we get a little closer to the market, we also see an uptrend in the daily chart, with a correction zone between PLN 4.37 and PLN 4.22. The last point two is currently located at PLN 4.51, and as the blue ellipses clearly indicate, it was impossible to continue this trend up to now. So far, there have been no more buyers at this high level. Nevertheless, the trend will remain intact as long as the price does not fall short of the green zone. As soon as the price returns back to this zone and stabilises there, one can speculate on a renewed attempt at a trend continuation.
Hourly chart:
In the hourly chart, we can see a short-term trading opportunity. This chart is showing us a young uptrend, with a correction zone between PLN 4.46 and PLN 4.40. The price has corrected a little more than 76% of the last movement, and now seems to want to pick up the trend once more. With a stop beneath the green correction zone, one can speculate on a trend continuation. On the way to the last point two, targets could be located at the end of the green zone and then, as things develop, at the high at PLN 4.50.
IMPORTANT NOTE:
Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer’s investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk.