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Triple top formation can be spotted on the chart
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The pair is testing the key support zone
Looking at the D1 interval, one can see a bearish triple top formation on EURPLN currency pair. The price failed to break above a resistance at 3.39 handle and declines followed. EURPLN is trading in a key place now. Buyers managed to defend the support zone during the first attempt of breaking lower but the pair remained under pressure. The area at 4.31 is marked with the 50% Fibonacci retracement, the neck line of triple top formation and the highs from May 2019. Breaking below it could trigger a deeper decline. Yellow box on the chart above shows potential range of triple top pattern. However, one should remember that the aforementioned zone at 4.31 handle remains the key support and as long as the market stays above it, the trend remains upward. When the EURPLN drops below this key support, one should pay attention to the two next Fibonacci retracements - 61.8% and 78.6%.
EURPLN D1 interval. Source: xStation5
