Chart EUR/PLN Update: Consolidating test of 4.3500 - studies rising
The anticipated test of strong resistance at 4.3500 is giving way to consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.4125 | ** | 17 Jan YTD high | S1 | 4.3300 | ** | congestion | |
| R3 | 4.4000 | ** | break level | S2 | 4.3000 | ** | congestion | |
| R2 | 4.3800 | ** | 14-15 Jun (m) high | S3 | 4.2750 | congestion | ||
| R1 | 4.3500 | * | break level | S4 | 4.2470/00 | ** | 28 May YTD low; congestion |
Asterisk denotes strength of level
11:50 BST - The anticipated test of strong resistance at 4.3500 is giving way to consolidation, as overbought intraday studies unwind, with prices currently trading around 4.3400. Focus is turning back to congestion support at 4.3300, but rising daily readings and positive weekly charts should limit any tests in fresh buying interest. Following cautious trade, further gains are looked for. A close above 4.3500 will improve price action and open up critical resistance at the 4.3800 monthly high of 14-15 June. Meanwhile, a close below 4.3300 would turn sentiment neutral and give way to consolidation above further congestion around 4.3000.