Chart EUR/PLN Update: Range extension - studies under pressure
Little change, as prices extend consolidation above 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 | 4.2700 | * | break level | S4 | 4.1975/00 | ** | 61.8% ret; cong |
Asterisk denotes strength of level
12:20 BST - Little change, as prices extend consolidation above congestion support at 4.2500. Daily readings are negative and broader weekly charts are turning down, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A break below 4.2500 will open up further congestion around 4.2350. However, already oversold daily stochastics could limit any initial tests in consolidation, before prices extend losses still further. A close below critical support within 4.2200/55 would complete a multi-month distribution pattern beneath 4.2800 and extend April losses towards 4.1975/00. Meanwhile, resistance is at 4.2700 and extends to congestion around 4.2800. This range should cap any immediate tests higher.