Published: 2024-04-19T11:29:50.000Z
Chart EUR/PLN Update: Spike higher not sustained - prices remain under pressure
Senior Technical Strategist
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The spike above 4.3500 has been pushed back sharply from beneath the 4.3750~ weekly high of 30 January
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
12:10 BST - The spike above 4.3500 has been pushed back sharply from beneath the 4.3750~ weekly high of 30 January, as intraday studies remain under pressure, with prices once again pressuring support at 4.3300. 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 later close above 4.3750 will turn sentiment positive and open up critical resistance within congestion around 4.4000 and the 4.4125 current year high of 17 January.