Published: 2024-04-16T11:52:01.000Z
Chart EUR/PLN Update: Extending gains from 4-year lows
Senior Technical Strategist
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The anticipated break above 4.3000 is currently pressuring strong resistance at 4.3300 - 4.3500
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 | * | Feb 2020 low |
Asterisk denotes strength of level
12:05 BST - The anticipated break above 4.3000 is currently pressuring strong resistance at 4.3300 - 4.3500. Overbought intraday studies are flat, suggesting potential for short-term consolidation within here. However, daily readings are positive and broader weekly charts are showing signs of improvement, pointing to room for a later break and continuation initially towards 4.3750. Meanwhile, support is raised to congestion around 4.3000. An unexpected close beneath here will turn sentiment cautiously negative and put focus back on critical support at congestion around 4.2500 and the 4.2525 current year low of 9 April.