Chart EUR/PLN Update: Cautious trade - background studies under pressure
The anticipated test of resistance at 4.2400 has extended to 4.2450~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.2650~ | ** | 30 Apr (w) high | S1 | 4.2300 | * | congestion | |
| R3 | 4.2600 | * | congestion | S2 | 4.2220 | * | 17 Apr (m) low | |
| R2 | 4.2500 | * | congestion | S3 | 4.2200 | ** | congestion, 76.4% ret | |
| R1 | 4.2400 | * | break level | S4 | 4.2150 | * | congestion |
Asterisk denotes strength of level
12:50 BST - The anticipated test of resistance at 4.2400 has extended to 4.2450~, where negative intraday studies are prompting selling interest and a break back below 4.2400. Support is down to congestion around 4.2300. Mixed daily readings highlight consolidation above here, before bearish weekly charts add weight to sentiment and open up a test of critical support at 4.2200/20. A further close beneath here would turn sentiment negative and confirm continuation of broader March losses initially to congestion around 4.2150. Meanwhile, a close back above 4.2400 would help to stabilise price action and lead to consolidation beneath congestion resistance at 4.2500.