Chart EUR/PLN Update: Further consolidation - studies under pressure
Cautious trade has given way to anticipated losses
| 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
14:45 BST - Cautious trade has given way to anticipated losses, with the break below 4.2400 giving way to fresh consolidation above congestion support at 4.2300. Oversold daily stochastics are flattening, suggesting room for further cautious trade. But the daily Tension Indicator is under pressure and broader weekly charts are falling, pointing to room for renewed selling interest in the coming sessions. Critical support remains at 4.2200/20. A 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 prompt consolidation beneath congestion resistance at 4.2500.