Chart EUR/PLN Update: Leaning lower
Cautious trade is giving way to the anticipated break below 4.3000
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 4.3750~ | 30 Jan (w) high | S1 | 4.2750 | ** | 61.8% ret of 2010-2022 rally | ||
R3 | 4.3500 | * | break level | S2 | 4.2500/25 | * | congestion; 9 Apr YTD low | |
R2 | 4.3300 | * | congestion, range lows | S3 | 4.2365 | ** | February 2020 low | |
R1 | 4.3000 | ** | congestion | S4 | 4.1985/00 | ** | January 2020 (y) low; congestion |
Asterisk denotes strength of level
12:10 BST - Cautious trade is giving way to the anticipated break below 4.3000, with prices currently trading just above 4.2900. Intraday studies are under pressure and the daily Tension Indicator is falling, suggesting potential for a test of support at the 4.2750 Fibonacci retracement. However, daily stochastics are already oversold and broader weekly charts are mixed, suggesting any deeper losses could give way to consolidation above critical support at congestion around 4.2500 and the 4.2525 current year low of 9 April. Meanwhile, a close back above 4.3000 would turn sentiment neutral and prompt fresh consolidation within congestion beneath 4.3300.