Chart EUR/PLN Update: Leaning lower
Choppy trade beneath congestion resistance at 4.2350 has given way to a break lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.2600 | * | break level | S1 | 4.1975/00 | ** | 61.8% ret; cong | |
| R3 | 4.2500 | * | congestion | S2 | 4.1800 | * | congestion | |
| R2 | 4.2350 | * | congestion | S3 | 4.1700 | ** | 76.4% ret of Feb-Apr rally | |
| R1 | 4.2200 | * | congestion | S4 | 4.1600 | * | congestion |
Asterisk denotes strength of level
13:20 GMT - Choppy trade beneath congestion resistance at 4.2350 has given way to a break lower, with prices currently trading around 4.2135. Daily stochastics and the daily Tension Indicator are under pressure, highlighting room for continuation down to strong support at the 4.1975 Fibonacci retracement and congestion around 4.2000. However, flat oversold weekly stochastics are expected to limit any initial tests in consolidation, before bearish longer-term readings prompt a break and extend April 2025 losses initially to congestion around 4.1800. Meanwhile, resistance is lowered to congestion around 4.2200. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 4.2350.