Chart EUR/PLN Update: Balanced above critical support
Anticipated losses have met buying interest just above critical support at the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.2700 | * | break level | S1 | 4.2200/55 | ** | 50% ret; 9 Apr (w) low | |
| R3 | 4.2600 | * | break level | S2 | 4.1975/00 | ** | 61.8% ret; cong | |
| R2 | 4.2500 | * | congestion | S3 | 4.1800 | * | congestion | |
| R1 | 4.2350 | * | congestion | S4 | 4.1700 | ** | 76.4% ret of Feb-Apr rally |
Asterisk denotes strength of level
12:20 GMT - Anticipated losses have met buying interest just above critical support at the 4.2200 Fibonacci retracement and the 4.2255 weekly low of 9 April, with prices currently trading around 4.2300. Daily studies and broader weekly charts continue to track lower, highlighting a bearish tone and room for further losses in the coming sessions. A close beneath here will complete a multi-month distribution top beneath the 4.3100 current year high of 16 April, as focus then turns to 4.1975/00. Meanwhile, resistance is lowered to congestion around 4.2350. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 4.2500.