Chart EUR/PLN Update: Leaning lower in choppy trade
The test of support at 4.3100 is giving way to consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3760 | * | November 2024 (m) high | S1 | 4.3100 | ** | April 2025 (y) high | |
| R3 | 4.3500 | ** | congestion | S2 | 4.3000 | ** | congestion | |
| R2 | 4.3450 | ** | 38.2% ret of 2023-2025 fall | S3 | 4.2900 | congestion | ||
| R1 | 4.3300 | * | congestion | S4 | 4.2800 | * | congestion |
Asterisk denotes strength of level
12:20 BST - The test of support at 4.3100 is giving way to consolidation, as oversold daily stochastics flatten, with prices currently trading around 4.3200. The daily Tension Indicator continues to track lower and overbought weekly stochastics are turning down, highlighting room for a test beneath here. Focus will then turn to congestion around 4.3000. But the positive weekly Tension Indicator and bullish longer-term charts should limit any deeper retracement in renewed buying interest/consolidation above 4.2800. Meanwhile, a close above congestion resistance at 4.3300 will help to stabilise price action. But a further close above the 4.3450 Fibonacci retracement and congestion around 4.3500 is needed to turn sentiment positive and open up a test of the 4.3760 monthly high of November 2024.