Chart EUR/PLN Update: Limited tests higher - background studies under pressure
The test below 4.2300 has bounced from the 4.2220 monthly low of 17 April
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.2650~ | ** | 30 Apr (w) high | S1 | 4.2300 | * | congestion | |
| R3 | 4.2600 | * | congestion | S2 | 4.2220 | * | 17 Apr (m) low | |
| R2 | 4.2500 | * | congestion | S3 | 4.2200 | ** | congestion, 76.4% ret | |
| R1 | 4.2400 | * | break level | S4 | 4.2150 | * | congestion |
Asterisk denotes strength of level
13:50 BST - The test below 4.2300 has bounced from the 4.2220 monthly low of 17 April, with prices currently trading around 4.2335. Oversold daily stochastics are unwinding, suggesting room for a test of resistance at 4.2400. But the bearish daily Tension Indicator and negative weekly charts should prompt renewed selling interest towards here. Following cautious trade, fresh losses are looked for. A break back below 4.2300 will open up critical support at 4.2200/20. A further close beneath here would turn sentiment negative and confirm continuation of broader March losses initially to congestion around 4.2150. Meanwhile, a close back above 4.2400 would help to stabilise price action and prompt consolidation beneath congestion resistance at 4.2500.