Chart EUR/PLN Update: Choppy trade - potential for a later test lower

Asterisk denotes strength of level

12:05 BST - Little change, as prices extend cautious trade beneath congestion resistance at 4.2500. Intraday studies are leaning lower, suggesting room for a test of congestion support at 4.2350. But mixed daily readings should limit any immediate tests in further consolidation, before negative weekly charts prompt a break. Focus will then turn to critical support at the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April, with a further break beneath here completing a distribution top beneath the 4.3100 current year high of 16 April, and targeting congestion around 4.2000. Meanwhile, an unexpected close above 4.2500 would provide further stability and give way to consolidation beneath 4.2650.