Published: 2024-11-05T13:01:16.000Z
Chart EUR/PLN Update: Back at recent highs
Senior Technical Strategist
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The test of congestion support at 4.3300 has given way to a fresh bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.4125 | ** | 17 Jan YTD high | S1 | 4.3500 | * | break level | |
| R3 | 4.4000 | ** | break level | S2 | 4.3300 | ** | congestion | |
| R2 | 4.3800 | ** | 14-15 Jun (m) high | S3 | 4.3000 | ** | congestion | |
| R1 | 4.3650 | * | 1 Nov (w) high | S4 | 4.2750 | congestion |
Asterisk denotes strength of level
12:20 GMT - The test of congestion support at 4.3300 has given way to a fresh bounce, with the break back above 4.3500 currently pressuring resistance at the 4.3650 weekly high of 1 November. Both daily stochastics and the daily Tension Indicator are flat, suggesting potential for consolidation around here. However, broader weekly charts are improving, pointing to room for a later break and continuation of July gains, initially towards the 4.3800 monthly high of 14-15 June. Meanwhile, support at the 4.3500 should underpin any fresh tests lower.