Chart EUR/PLN Update: Limited tests higher
Anticipated short-covering towards strong support at 4.2200 has given way to a bounce to resistance at 4.2400
| 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
12:20 BST - Anticipated short-covering towards strong support at 4.2200 has given way to a bounce to resistance at 4.2400, where fresh consolidation is appearing. The bearish daily Tension Indicator is showing early signs of flattening, suggesting room for a test above here. But the bearish daily Tension Indicator and negative weekly charts should limit any break in renewed selling interest towards congestion resistance at 4.2500. Following cautious/corrective trade, fresh losses are looked for. A close below congestion support at 4.2300 will add weight to sentiment. But a further close below 4.2200 would confirm continuation of broader March losses initially to congestion around 4.2150.