Published: 2024-11-29T12:51:39.000Z
Chart EUR/PLN Update: Under pressure
Senior Technical Strategist
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Cautious trade around congestion support at 4.3000 is giving way to a test lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3800 | ** | 14-15 Jun (m) high | S1 | 4.3000 | ** | congestion | |
| R3 | 4.3650 | * | 1 Nov (w) high | S2 | 4.2750 | * | congestion | |
| R2 | 4.3500 | * | break level | S3 | 4.2470/00 | ** | 15 Jul YTD low; cong | |
| R1 | 4.3300 | ** | congestion | S4 | 4.2365 | ** | February 2020 low |
Asterisk denotes strength of level
12:30 GMT - Cautious trade around congestion support at 4.3000 is giving way to a test lower, as intraday studies turn down. Daily readings are also under pressure and broader weekly charts are also deteriorating, highlighting room for deeper losses in the coming sessions. A close beneath here will add weight to already negative sentiment and open up congestion support at 4.2750. Continuation to critical support at the 4.2470 current year low of 15 July and congestion around 4.2500 cannot be ruled out. Meanwhile, resistance remains at congestion around 4.3300 and should cap any immediate tests higher.