Chart EUR/PLN Update: Under pressure
Cautious trade around 4.2500 has given way to the anticipated break down to congestion support at 4.2350
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3000 | * | break level | S1 | 4.2350 | * | congestion | |
| R3 | 4.2800 | ** | congestion | S2 | 4.2200/55 | ** | 50% ret; 9 Apr (w) low | |
| R2 | 4.2700 | * | break level | S3 | 4.1975/00 | ** | 61.8% ret; cong | |
| R1 | 4.2500 | * | congestion | S4 | 4.1800 | * | congestion |
Asterisk denotes strength of level
12:35 BST - Cautious trade around 4.2500 has given way to the anticipated break down to congestion support at 4.2350, where flattening oversold daily stochastics are prompting short-term reactions. The daily Tension Indicator has turned down and broader weekly charts are also under pressure, pointing to room for further losses in the coming sessions. A break below 4.2350 will add weight to sentiment and open up critical support within 4.2200/55. A close beneath here would complete a multi-month distribution pattern beneath 4.2800 and extend April losses towards 4.1975/00. Meanwhile, resistance is lowered to congestion around 4.2500. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 4.2700.