Chart EUR/PLN Update: Under pressure
Anticipated losses have reached congestion support at 4.2350
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3000 | * | break level | S1 | 4.2350 | * | congestion | |
| R3 | 4.2800 | ** | congestion | S2 | 4.2200/55 | ** | 50% ret; 9 Apr (w) low | |
| R2 | 4.2650 | * | break level | S3 | 4.2000 | ** | congestion | |
| R1 | 4.2500 | * | congestion | S4 | 4.1975 | ** | 61.8% ret of Feb-Apr rally |
Asterisk denotes strength of level
12:30 BST - Anticipated losses have reached congestion support at 4.2350, where flattening oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower and broader weekly charts are turning away from overbought areas, unwinding negative divergence, suggesting room for still deeper losses in the coming sessions. A break beneath 4.2350 will open up critical support at the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April. A close beneath here will complete a distribution top beneath the 4.3100 current year high of 16 April, and target congestion around 4.2000. Meanwhile, a close back above congestion resistance at 4.2500 will help to stabilise price action and prompt consolidation beneath 4.2650.