Chart EUR/PLN Update: Consolidating - daily studies under pressure
Little change, as prices extend cautious trade around 4.3300, tracing out a descending triangle pattern
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 4.4125 | ** | 17 Jan YTD high | S1 | 4.3300 | * | congestion, range lows | |
R3 | 4.4000 | ** | congestion | S2 | 4.3000 | ** | congestion | |
R2 | 4.3750~ | 30 Jan (w) high | S3 | 4.2750 | ** | 61.8% ret of 2010-2022 rally | ||
R1 | 4.3500 | * | break level | S4 | 4.2500/25 | * | congestion; 9 Apr YTD low |
Asterisk denotes strength of level
11:55 BST - Little change, as prices extend cautious trade around 4.3300, tracing out a descending triangle pattern. Daily readings are under pressure, highlighting potential for fresh losses in the coming sessions. A break below 4.3300 will open up congestion support at 4.3000. However, rising weekly charts are expected to limit any deeper losses in fresh buying interest above the 4.2750 Fibonacci retracement. Meanwhile, resistance remains at 4.3500. A close above here would help to stabilise price action. But a further close above the 4.3750 weekly high of 30 January is needed to turn sentiment outright positive and open up critical resistance within congestion around 4.4000 and the 4.4125 current year high of 17 January.