Chart EUR/PLN Update: Further range trade
Little change, as prices extend choppy trade within the 4.2500 - 4.2650 range
| 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
13:20 BST - Little change, as prices extend choppy trade within the 4.2500 - 4.2650 range. Oversold daily stochastics are ticking higher, suggesting room for a test above 4.2650. But the bearish daily Tension Indicator and mixed weekly charts are expected to limit initial scope in renewed selling interest/consolidation beneath congestion around 4.2800. Meanwhile, support remains at congestion around 4.2500 and extends to further congestion around 4.2350. However, critical support is at the 4.2250 weekly low of 9 April and extends to the 4.2200 Fibonacci retracement. A close beneath here would turn sentiment negative and confirm completion of a multi-monthly distribution pattern beneath the 4.3100 current year high of 16 April. Focus would then turn to 4.1975/00.