Published: 2024-10-21T11:05:23.000Z
Chart EUR/PLN Update: Higher in range - studies improving
Senior Technical Strategist
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Cautious trade is giving way to a fresh test 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
11:45 BST - Cautious trade is giving way to a fresh test higher in PLN-driven trade, with prices once again pressuring 4.3200. Daily readings are showing early signs of improvement and broader weekly charts are rising, 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 congestion support at 4.3000 would turn sentiment neutral once again and give way to renewed consolidation above congestion support at 4.2750.