Published: 2025-05-16T11:56:25.000Z
Chart EUR/PLN Update: Gains to remain limited
Senior Technical Strategist
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Cautious trade is giving way to the anticipated test higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3000 | * | break level | S1 | 4.2255 | * | 9 Apr (w) low | |
| R3 | 4.2800 | ** | congestion | S2 | 4.2200 | ** | 50% ret of Feb-Apr rally | |
| R2 | 4.2650 | * | range lows | S3 | 4.2000 | ** | break level | |
| R1 | 4.2500 | congestion lows | S4 | 4.1975 | ** | 61.8% ret of Feb-Apr rally |
Asterisk denotes strength of level
12:45 BST - Cautious trade is giving way to the anticipated test higher, as oversold daily stochastics unwind, with prices currently trading just above resistance at 4.2500. Focus is on resistance at 4.2650. But the negative daily Tension Indicator and mixed/negative weekly charts are expected to limit any further tests above here in consolidation beneath congestion around 4.2800. Meanwhile, support remains at the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April. A close beneath here, not yet seen, will add weight to sentiment and extend April losses towards 4.2000.