Chart EUR/PLN Update: Consolidating
Choppy trade above congestion support at 4.2500 has met renewed selling interest just beneath resistance at 4.2650
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3100 | ** | 16 Apr YTD high | S1 | 4.2500 | * | congestion | |
| R3 | 4.3000 | * | break level | S2 | 4.2350 | * | congestion | |
| R2 | 4.2800 | ** | congestion | S3 | 4.2200/55 | ** | 50% ret; 9 Apr (w) low | |
| R1 | 4.2650 | * | break level | S4 | 4.1975/00 | ** | 61.8% ret; cong |
Asterisk denotes strength of level
13:15 BST - Choppy trade above congestion support at 4.2500 has met renewed selling interest just beneath resistance at 4.2650, as overbought intraday studies flatten, with prices currently balanced around 4.2600. Oversold daily stochastics are ticking higher, suggesting room for a test above here. But the bearish daily Tension Indicator and mixed weekly charts are expected to limit initial scope in renewed selling interest/consolidation beneath further congestion around 4.2800. Meanwhile, support remains at 4.2500 and extends to further congestion around 4.2350. Critical support is at the 4.2250 weekly low of 9 April and extends to the 4.2200 Fibonacci retracement. A close beneath here would turn sentiment negative and confirm completion of a multi-monthly distribution pattern beneath the 4.3100 current year high of 16 April. Focus would then turn to 4.1975/00.