Published: 2024-04-15T11:22:10.000Z
Chart EUR/PLN Update: Balanced at 4-year lows - bearish daily studies stabilising
Senior Technical Strategist
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Consolidation above congestion support at 4.2500 has given way to a PLN-driven bounce
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 4.3750~ | 30 Jan (w) high | S1 | 4.2750 | ** | 61.8% ret of 2010-2022 rally | ||
R3 | 4.3500 | * | break level | S2 | 4.2500/25 | * | congestion; 9 Apr YTD low | |
R2 | 4.3300 | * | congestion, range lows | S3 | 4.2365 | * | Feb 2020 low | |
R1 | 4.3000 | ** | congestion | S4 | 4.1985/00 | ** | Jan 2020 (y) low; congestion |
Asterisk denotes strength of level
12:05 BST - Consolidation above congestion support at 4.2500 has given way to a PLN-driven bounce, with the break back above 4.2750 targeting congestion resistance at 4.3000. Oversold daily stochastics are unwinding and the flat daily Tension Indicator is turning up, suggesting potential for further strength in the coming sessions. A close above 4.3000 will open up further congestion around 4.3300. However, mixed/negative weekly charts are expected to prompt consolidation beneath here. Meanwhile, support remains down to 4.2500 and the 4.2525 current year low of 9 April. A close beneath here would turn sentiment outright negative once again and extend March 2022 losses towards the 4.2365 low of February 2020.