Published: 2024-04-18T11:13:52.000Z
Chart EUR/PLN Update: Room for a minor test lower
Senior Technical Strategist
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The pullback from just beneath resistance at 4.3500 is extending
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
11:50 BST - The pullback from just beneath resistance at 4.3500 is extending, with prices currently balanced around support at 4.3300. Intraday studies are bearish and overbought daily stochastics are unwinding, suggesting potential for a test beneath here. However, the rising daily Tension Indicator and positive weekly charts are expected to limit scope in renewed buying interest above congestion support at 4.3000. Following cautious trade, fresh gains are looked for. A close above 4.3750 is needed to turn sentiment positive and open up critical resistance within congestion around 4.4000 and the 4.4125 current year high of 17 January.