Chart EUR/PLN Update: Consolidating - studies under pressure
Little change, as prices extend consolidation above 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
12:35 BST - Little change, as prices extend consolidation above congestion support at 4.2350. Intraday studies are rising, suggesting room for a test of congestion resistance at 4.2500. But mixed/negative daily readings and deteriorating weekly charts are expected to limit any tests/break in renewed selling interest. Following cautious trade, fresh losses are looked for. A break below 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 would help to stabilise price action and prompt consolidation beneath 4.2650.