Chart EUR/PLN Update: Consolidating - studies edging higher
Little change, as flat overbought daily stochastics keep sentiment cautious and extend consolidation within the 4.2650-4.2800 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3200 | * | break level | S1 | 4.2650 | * | break level | |
| R3 | 4.3100 | ** | 16 Apr YTD high | S2 | 4.2500 | * | congestion | |
| R2 | 4.3000 | * | break level | S3 | 4.2350 | * | congestion | |
| R1 | 4.2800 | ** | congestion | S4 | 4.2200/55 | ** | 50% ret; 9 Apr (w) low |
Asterisk denotes strength of level
12:55 BST - Little change, as flat overbought daily stochastics keep sentiment cautious and extend consolidation within the 4.2650-4.2800 range. The daily Tension Indicator continues to rise and broader weekly charts are positive, highlighting room for fresh gains in the coming sessions. A break above 4.2800 will improve sentiment and open up resistance at 4.3000. Critical resistance is at the 4.3100 current year high of 16 April. But overbought daily stochastics suggest any initial tests could be limited in consolidation. Meanwhile, a break below 4.2650, if seen, will turn sentiment neutral and prompt consolidation above 4.2500.