Chart EUR/PLN Update: Consolidating - background studies rising
Little change, as prices extend (choppy) consolidation above congestion support at 4.3000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.4000 | ** | congestion | S1 | 4.3000 | ** | congestion | |
| R3 | 4.3750~ | 30 Jan (w) high | S2 | 4.2750 | ** | 61.8% ret of 2010-2022 rally | ||
| R2 | 4.3500 | * | break level | S3 | 4.2500/25 | * | congestion; 9 Apr YTD low | |
| R1 | 4.3300 | * | congestion, range lows | S4 | 4.2365 | * | Feb 2020 (m) low |
Asterisk denotes strength of level
11:45 BST - Little change, as prices extend (choppy) consolidation above congestion support at 4.3000. Intraday studies are rising, suggesting potential for a test of resistance at 4.3300. However, mixed/negative daily readings are expected to limit any tests in fresh range trade. Broader weekly charts continue to rise, highlighting scope for a later break. However, a further close above the 4.3750 weekly high of 30 January is needed to turn sentiment outright positive and open up critical resistance within congestion around 4.4000 and the 4.4125 current year high of 17 January Meanwhile, any tests below 4.3000 are expected to meet buying interest towards the 4.2750 Fibonacci retracement.