Last week, the EURPLN currency pair was once again on the trend line running from the bottom of May this year. As can be seen in the daily chart below, as a result of the rebound, the price turned to local resistance at 4.3481. The further development of the price action is of significant importance. If, at the closing of the session, the local resistance is successfully broken, the rate may continue to reach this year’s highs at 4.4120, which would be in line with the prevailing trend. The alternative is to overcome the trend line mentioned at the beginning, which could lead to confirmation of the formation of the head and shoulders with a range over 1350-pips. Earlier, however, significant support can be found close to the level of 4.2400.

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