Published: 2024-04-25T11:29:19.000Z
Chart EUR/PLN Update: Leaning lower, but downside to remain limited
Senior Technical Strategist
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The test above resistance at 4.3300 has not been sustained
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 4.4000 | ** | congestion | S1 | 4.3000 | ** | congestion | |
R3 | 4.3750~ | 30 Jan (w) high | S2 | 4.2750 | ** | 61.8% ret of 2010-2022 rally | ||
R2 | 4.3500 | * | break level | S3 | 4.2500/25 | * | congestion; 9 Apr YTD low | |
R1 | 4.3300 | * | congestion, range lows | S4 | 4.2365 | * | Feb 2020 (m) low |
Asterisk denotes strength of level
12:05 BST - The test above resistance at 4.3300 has not been sustained, with prices falling sharply back towards congestion support at 4.3000. Daily readings are leaning lower, suggesting potential for a test beneath here. However, rising weekly charts should limit any break in fresh buying interest/consolidation above strong support at the 4.2750 Fibonacci retracement. Meanwhile, resistance remains at 4.3300 and extends to 4.3500. But a 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.