Published: 2024-04-17T11:16:14.000Z
Chart EUR/PLN Update: Consolidating sharp gains - studies improving
Senior Technical Strategist
1
Anticipated gains have met selling interest just beneath resistance at 4.3500
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
12:05 BST - Anticipated gains have met selling interest just beneath resistance at 4.3500, as intraday studies turn down and overbought daily stochastics flatten, with profit-taking prompting a pullback to congestion support at 4.3000. A test beneath here cannot be ruled out, but 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. However, 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.