Published: 2024-05-07T11:27:31.000Z
Chart EUR/PLN Update: Balanced above 4.3000 - studies under pressure
Senior Technical Strategist
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Cautious trade has given way to the anticipated break away from the descending triangle pattern
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 | ** | February 2020 low |
Asterisk denotes strength of level
12:15 BST - Cautious trade has given way to the anticipated break away from the descending triangle pattern, with prices currently balanced in cautious trade above congestion support at 4.3000. Daily readings are under pressure and overbought weekly stochastics are flattening, highlighting potential for further losses in the coming sessions. A break below 4.3000 will open up the 4.2750 Fibonacci retracement, but improving long-term charts are expected to limit any immediate tests in consolidation. Meanwhile, resistance is lowered to 4.3300. A close above here would help to stabilise price action and prompt consolidation beneath 4.3500.