Published: 2024-05-17T11:16:06.000Z
Chart EUR/PLN Update: Further consolidation - background studies under pressure
Senior Technical Strategist
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Still little change, as rising intraday studies and flattening oversold daily stochastics keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 4.3500 | * | break level | S1 | 4.2500/25 | * | congestion; 9 Apr YTD low | |
R3 | 4.3300 | * | congestion, range lows | S2 | 4.2365 | * | Feb 2020 low | |
R2 | 4.3000 | ** | congestion | S3 | 4.1985/00 | ** | Jan 2020 (y) low; congestion | |
R1 | 4.2850 | * | break level | S4 | 4.1500/10 | ** | congestion; Apr 2018 low |
Asterisk denotes strength of level
12:05 BST - Still little change, as rising intraday studies and flattening oversold daily stochastics keep near-term sentiment cautious and extend consolidation above congestion support at 4.2500 and the 4.2525 current year low of 9 April. A minor bounce cannot be ruled out, but resistance at the 4.2850 break level should cap any immediate tests higher. In the coming sessions, cautious trade is expected to give way to fresh losses. A later close below 4.2500/25 will turn sentiment bearish and confirm continuation of March 2022 losses towards 4.1985/00.