EUR/PLN: Significant Support And Weekly Long Signal
FxGrow | Feb 08, 2016 11:30AM ET
EUR/PLN
Single currency to Polish zloty moved above 4.3894 and 38.2% Fibonacci retracement (upward move from December lows) during few last session. Horizontal level had an important role at the end of 2014 – and now acts as the support. Monday’s session brings stronger reflection and move above 4.4300.
Interesting signal and the distribution of significant support/resistance levels can be seen on the higher TF (weekly one). As you can see, the last W1 candle tried to test the strong resistance from December 2014 (now support), however the final closure took place definitely above it. As a result, demand pin bar candle appreciated, which may suggests a desire of upward moves continuation. Candle tested also 23.6% Fibo retracement (uptrend from April 2015 lows).
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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