Chart EUR/PLN Update: Potential for a minor test higher
The break above resistance at 4.2650 has been pushed back sharply from congestion resistance at 4.2800
| 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 | 4.2255 | * | 9 Apr (w) low | |
| R1 | 4.2650 | * | break level | S4 | 4.2200 | ** | 50% ret of Feb-Apr rally |
Asterisk denotes strength of level
12:25 BST - The break above resistance at 4.2650 has been pushed back sharply from congestion resistance at 4.2800, with prices currently trading around 4.2600. Intraday studies are leaning lower, suggesting potential for a minor pullback. But rising daily readings highlighting room for a fresh test above 4.2650 towards 4.2800. A break above here will open up 4.3000. But negative weekly charts should prompt renewed selling interest towards here. Meanwhile, support is down to congestion at 4.2350. But a close below the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April is needed to turn sentiment negative and extend April losses initially towards the 4.1975 retracement and 4.2000.