Chart EUR/PLN Update: Room for lower
Cautious trade has given way to anticipated losses
| 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
12:35 BST - Cautious trade has given way to anticipated losses, with prices currently trading just below congestion support at 4.2500. Daily readings continue to track lower and broader weekly charts are turning down, highlighting a deterioration in sentiment and room for deeper losses in the coming sessions. A close beneath here will open up congestion around 4.2350, with room for continuation down to critical support at the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April. A close beneath here will complete a distribution top beneath the 4.3100 current year high of 16 April, and target congestion around 4.2000. Meanwhile, resistance remains at 4.2650 and extends to congestion around 4.2800. This range should cap any immediate tests higher.