Chart EUR/PLN Update: Lower in range
Anticipated losses have extended to congestion support at 4.2500
| 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
12:45 BST - Anticipated losses have extended to congestion support at 4.2500, where oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower, highlighting room for a further break towards 4.2350. However, mixed/positive weekly charts should limit any initial tests in fresh consolidation. 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. Meanwhile, resistance is at 4.2650 and extends to congestion around 4.2800. This range should cap any immediate tests higher.