Published: 2024-10-17T12:11:58.000Z
Chart EUR/PLN Update: Break higher in PLN-driven trade
Senior Technical Strategist
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Consolidation has given way to a sharp break higher in PLN-driven trade
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 4.4000 | ** | break level | S1 | 4.3000 | ** | congestion | |
R3 | 4.3800 | ** | 14-15 Jun (m) high | S2 | 4.2750 | congestion | ||
R2 | 4.3500 | * | break level | S3 | 4.2470/00 | ** | 28 May YTD low; congestion | |
R1 | 4.3250/00 | ** | 7 Oct (w) high; congestion | S4 | 4.2365 | * | Feb 2020 low |
Asterisk denotes strength of level
12:55 BST - Consolidation has given way to a sharp break higher in PLN-driven trade, with the break above 4.3000 reaching 4.3200~ before settling lower. Daily readings are mixed, suggesting fresh consolidation, but weekly charts continue to rise, highlighting room for further strength in the coming sessions. A close above resistance at the 4.3250 weekly high of 7 October and congestion around 4.3000 would improve sentiment and open up 4.3500. Meanwhile, a close back below 4.3000 would turn sentiment neutral once again and give way to renewed consolidation above congestion support at 4.2750.