Published: 2024-08-13T11:32:50.000Z
Chart EUR/PLN Update: Extending losses
Senior Technical Strategist
1
Cautious trade around congestion at 4.3000 has given way to a sharp break lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3800 | ** | 14 Jun (m) high | S1 | 4.2750 | congestion | ||
| R3 | 4.3500 | * | break level | S2 | 4.2470/00 | ** | 28 May YTD low; congestion | |
| R2 | 4.3300 | ** | congestion, range lows | S3 | 4.2365 | * | Feb 2020 low | |
| R1 | 4.3000 | ** | congestion | S4 | 4.1985/00 | ** | Jan 2020 (y) low; figure |
Asterix denotes strength of level
12:20 BST - Cautious trade around congestion at 4.3000 has given way to a sharp break lower, as intraday studies come under pressure, with immediate focus turning to further congestion around 4.2750. Daily readings are bearish, highlighting room for a later break. However, mixed weekly and longer-term charts are expected to limit initial scope beneath here in consolidation above stronger support at the 4.2470 current year low of 28 May and congestion around 4.2500. Meanwhile, resistance is lowered to 4.3000. A close back above here would help to stabilise sentiment and prompt consolidation beneath 4.3300.