Published: 2024-05-08T11:16:46.000Z
Chart EUR/PLN Update: Consolidating above 4.3000 - studies under pressure
Senior Technical Strategist
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Little change, as mixed intraday studies keep near-term sentiment cautious
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
12:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend (choppy) consolidation above congestion support at 4.3000. Daily readings remain under pressure and overbought weekly stochastics are turning down, 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 remains at 4.3300. A close above here would help to stabilise price action and prompt consolidation beneath 4.3500.