Chart EUR/PLN Update: Leaning lower
Cautious trade around resistance at the 4.3500 break level is giving way to a test lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.4125 | ** | 17 Jan YTD high | S1 | 4.3300 | ** | congestion | |
| R3 | 4.4000 | ** | break level | S2 | 4.3000 | ** | congestion | |
| R2 | 4.3800 | ** | 14-15 Jun (m) high | S3 | 4.2750 | congestion | ||
| R1 | 4.3500 | * | break level | S4 | 4.2470/00 | ** | 28 May YTD low; congestion |
Asterisk denotes strength of level
11:55 GMT - Cautious trade around resistance at the 4.3500 break level is giving way to a test lower, with prices currently balanced in consolidation following the test of congestion support at 4.3300. Overbought daily stochastics are turning down and the positive daily Tension Indicator is flattening, highlighting potential for a test below 4.3300. But rising weekly charts are expected to limit any losses in fresh buying interest towards further congestion at 4.3000. Following cautious trade, further gains are looked for. A later close above 4.3500 will improve price action and open up critical resistance at the 4.3800 monthly high of 14-15 June.