Chart EUR/CAD Update: Limited tests higher
Consolidation above support at congestion around 1.5600 and the 1.5615 current year low of 9 March has given way to a steady bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5930~ | 4 Mar high | S1 | 1.5700 | * | congestion | ||
| R3 | 1.5910 | * | 38.2% ret of Jan-Mar fall | S2 | 1.5600/15 | * | congestion; 9 Mar YTD low | |
| R2 | 1.5850 | minor congestion | S3 | 1.5535 | * | 29 May 25 (w) low | ||
| R1 | 1.5800 | minor congestion | S4 | 1.5475 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength
11:30 GMT - Consolidation above support at congestion around 1.5600 and the 1.5615 current year low of 9 March has given way to a steady bounce, with prices currently balanced in consolidation around congestion resistance at 1.5800. Oversold daily stochastics are turning higher, suggesting room for a test above here towards further congestion around 1.5850. But the bearish daily Tension Indicator and mixed/negative weekly charts should limit any further gains in renewed selling interest towards the 1.5910 Fibonacci retracement. Meanwhile, support is raised to congestion around 1.5700 and should underpin any immediate setbacks.