EURPLN Plays for a Upside Breakout from the Right Angled WEDGE

Dec 22, 2020

EURPLN had been consolidating within the Descending Broadening Wedge Pattern, since 9th November. After testing the upper trend line for the fourth consecutive time, prices registered a breakout from the pattern. In addition, the bullishness in the pair is being underpinned by the stochastic indicator, where the %K line (sky blue line) is moving above the %D line (red line). The prices are now attempting to move towards its target profit and thus traders can grab the buy opportunity and keep the profit target at 4.6000 level. Simultaneously, the stop loss can be set at 4.4686 level.
Trade information
Take profit 4.6000
Stop-loss 4.4686