Chart EUR/PLN Update: Choppy in range - studies under pressure

Asterisk denotes strength of level

12:00 BST - The anticipated break below 4.2500 has reached 4.2400~, where rising intraday studies are prompting a bounce back into choppy trade beneath congestion resistance at 4.2500. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break below congestion support at 4.2350 will open up critical support at the 4.2250 weekly low of 9 April and the 4.2200 Fibonacci retracement. However, already oversold daily stochastics could limit any initial tests in consolidation. A close beneath here would turn sentiment negative and confirm completion of a multi-month distribution pattern beneath the 4.3100 current year high of 16 April. Focus would then turn to 4.1975/00. Meanwhile, a close above 4.2500 would help to stabilise price action and give way to consolidation beneath 4.2650.