Published: 2024-10-24T10:11:35.000Z
Chart EUR/CAD Update: Balanced at the 1.4900 Fibonacci retracement - studies under pressure
Senior Technical Strategist
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Little change
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | * | break level | S1 | 1.4900 | ** | 50% ret of Jun-Aug rally | |
| R3 | 1.5050 | break level | S2 | 1.4830 | ** | 61.8% ret of Jun-Aug rally | ||
| R2 | 1.5000 | * | congestion | S3 | 1.4800 | * | congestion | |
| R1 | 1.4950 | congestion | S4 | 1.4735 | ** | 76.4% ret of Jun-Aug rally |
Asterisk denotes strength
10:35 BST - Little change, as rising intraday studies keep near-term sentiment cautious and extend consolidation above support at the 1.4900 Fibonacci retracement. Daily readings are tracking lower and broader weekly charts are also under pressure, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A close beneath here will add weight to already bearish price action and extend August losses, initially to the 1.4830 retracement. Meanwhile, resistance is at congestion around 1.4950. A close above here would turn sentiment neutral and prompt fresh range trade beneath further congestion around 1.5000.