Chart EUR/PLN Update: Balanced above critical support at 4.2470/00
Little change, as a tick higher in oversold daily stochastics keeps near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3500 | * | break level | S1 | 4.2470/00 | ** | 15 Jul YTD low; cong | |
| R3 | 4.3300 | ** | congestion | S2 | 4.2365 | ** | February 2020 low | |
| R2 | 4.3000 | ** | congestion | S3 | 4.2270 | * | late-Jan 2020 (w) low | |
| R1 | 4.2750 | * | congestion | S4 | 4.1985/00 | ** | Jan 2020 (y) low; figure |
Asterisk denotes strength of level
12:35 GMT - Little change, as a tick higher in oversold daily stochastics keeps near-term sentiment cautious and extends consolidation above critical support at the 4.2470 current year low of 15 July and congestion around 4.2500. However, the daily Tension Indicator and broader weekly charts are under pressure, highlighting room for a later break and continuation of March 2022 losses, initially towards the 4.2365 low of February 2020. Meanwhile, resistance remains at congestion resistance around 4.2750. A close above here is needed to turn price action neutral, and give way to fresh consolidation beneath further congestion around 4.3000.