Chart EUR/PLN Update: Cautious trade - studies under pressure
The anticipated break above 4.2350 has met selling interest just beneath congestion resistance at 4.2500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 4.3000 | ** | congestion | S1 | 4.2350 | * | congestion | |
| R3 | 4.2800 | ** | congestion | S2 | 4.2200/55 | ** | 50% ret; 9 Apr (w) low | |
| R2 | 4.2700 | * | break level | S3 | 4.1975/00 | ** | 61.8% ret; cong | |
| R1 | 4.2500 | * | congestion | S4 | 4.1800 | * | congestion |
Asterisk denotes strength of level
12:25 GMT - The anticipated break above 4.2350 has met selling interest just beneath congestion resistance at 4.2500, with prices currently balanced around 4.2390. Daily stochastics are rising, highlighting potential for a test of 4.2500. But the deteriorating daily Tension Indicator and bearish weekly charts should prompt renewed selling interest towards here. Following cautious trade, fresh losses are looked for. A break back below congestion support at 4.2350 will open up critical support at 4.2200/55. A further close beneath here would complete a multi-month distribution pattern beneath 4.2800 and extend April losses towards 4.1975/00.