Chart EUR/PLN Update: Choppy in range - background studies under pressure
Anticipated tests higher have reached 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 | 4.2000 | ** | congestion |
Asterisk denotes strength of level
12:55 BST - Anticipated tests higher have reached resistance at 4.2650, where unwinding overbought intraday studies are prompting a sharp pullback to congestion support at 4.2500. A break beneath here will open up further congestion around 4.2350. But improving daily readings are expected to limit any initial tests in consolidation, before negative weekly charts prompt fresh losses. However, a close below critical support at the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April is needed to complete a distribution top beneath the 4.3100 current year high of 16 April, and target congestion around 4.2000. Meanwhile, congestion around 4.2800 should cap any fresh tests above 4.2650.