Chart EUR/PLN Update: Consolidating - background studies rising
Little change, as choppy trade gives way to consolidation beneath resistance at 4.3300
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
12:20 BST - Little change, as choppy trade gives way to consolidation beneath resistance at 4.3300. Mixed daily readings highlight further consolidation in the coming sessions, but broader weekly charts are rising, pointing to potential for later gains. A break above 4.3300 would improve price action. However, 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. Meanwhile, support remains at congestion around 4.3000. A close beneath here, if seen, would open up strong support at the 4.2750 Fibonacci retracement, where fresh buying interest is expected to appear.