Chart EUR/PLN Update: Extending cautious trade - studies under pressure
The anticipated test of resistance at 4.1800 is giving way to a fresh consolidation beneath here
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.2380 | ** | 3 Feb (w) high | S1 | 4.1500 | * | April 2018 low | |
| R3 | 4.2200 | * | break level | S2 | 4.1300 | ** | January 2018 (y) low | |
| R2 | 4.2000 | ** | January 2020 (y) low, figure | S3 | 4.1000 | ** | 76.4% ret of 2010-2022 rally | |
| R1 | 4.1800 | break level | S4 | 4.0150 | * | May 2015 low |
Asterisk denotes strength of level
12:00 GMT - The anticipated test of resistance at 4.1800 is giving way to a fresh consolidation beneath here, as mixed/negative intraday studies keep near-term sentiment cautious. Daily readings are mixed/negative and broader weekly charts remain under pressure, highlighting room for further losses in the coming sessions. Support remains at the 4.1500 low of April 2018. A break beneath here will add weight to sentiment and extend losses towards the 4.1300 year low of January 2018. However, oversold stochastics could prompt short-covering/consolidation around here. Meanwhile, a close above 4.1800, if seen, will help to stabilise price action and give way to consolidation beneath 4.2000.