Chart EUR/PLN Update: Limited tests higher
Consolidation above critical support at the 4.2470 current year low of 15 July and congestion around 4.2500 is giving way to a test higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3500 | * | break level | S1 | 4.2470/00 | ** | 15 Jul YTD low; cong | |
| R3 | 4.3300 | ** | congestion | S2 | 4.2365 | ** | February 2020 low | |
| R2 | 4.3000 | ** | congestion | S3 | 4.2270 | * | late-Jan 2020 (w) low | |
| R1 | 4.2750 | * | congestion | S4 | 4.1985/00 | ** | Jan 2020 (y) low; figure |
Asterisk denotes strength of level
12:10 GMT - Consolidation above critical support at the 4.2470 current year low of 15 July and congestion around 4.2500 is giving way to a test higher, with prices currently balanced around congestion resistance at 4.2750. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is flattening, suggesting potential for a test above here. However, broader weekly charts are under pressure, suggesting potential for renewed selling interest towards further congestion around 4.3000. Meanwhile, support remains at 4.2470/00. A close beneath here would add weight to sentiment and confirm continuation of March 2022 losses, initially towards the 4.2365 low of February 2020.