Chart EUR/PLN Update: Edging lower in range
The pullback from resistance at 4.2650 has reached reached congestion support at 4.2500
| 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 | 4.1975/00 | ** | 61.8% ret; cong |
Asterisk denotes strength of level
12:10 BST - The pullback from resistance at 4.2650 has reached reached congestion support at 4.2500, where fresh consolidation is developing. Overbought daily stochastics are unwinding and the flat daily Tension Indicator is coming under pressure, highlighting room for a test beneath here towards further congestion around 4.2350. Broader weekly charts are also coming under pressure, but a close below critical support within 4.2200/55 is needed to complete a multi-month distribution pattern beneath 4.2800 and extend April losses towards 4.1975/00. Meanwhile, any immediate tests above 4.2650 should meet selling interest towards congestion around 4.2800.