Published: 2024-05-01T11:53:09.000Z
Chart EUR/PLN Update: Edging higher - resistance at 4.3500
Senior Technical Strategist
2
Cautious trade is giving way to the anticipated test higher
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
12:40 BST - Cautious trade is giving way to the anticipated test higher, with prices currently trading above 4.3300. Immediate focus is turning to 4.3500, but negative daily readings are expected to limit any immediate tests in fresh consolidation. Broader weekly charts are rising, but a further close above the 4.3750 weekly high of 30 January is needed to turn sentiment outright positive and open up critical resistance within congestion around 4.4000 and the 4.4125 current year high of 17 January. Meanwhile, a close back below 4.3300 will turn price action neutral once again and prompt fresh consolidation above congestion around 4.3000.