Published: 2025-05-12T11:27:44.000Z
Chart EUR/CAD Update: Under pressure
Senior Technical Strategist
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Cautious trade has given way to a sharp break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5900 | congestion | S1 | 1.5500 | ** | congestion | ||
| R3 | 1.5800 | congestion | S2 | 1.5400 | ** | congestion, 38.2% ret | ||
| R2 | 1.5700 | break level | S3 | 1.5325 | ** | 27 Mar (w) low | ||
| R1 | 1.5600 | * | congestion | S4 | 1.5225 | ** | 50% ret of Nov-Apr rally |
Asterisk denotes strength
12:10 BST - Cautious trade has given way to a sharp break lower, as intraday studies turn down, with prices currently pressuring congestion support at 1.5500. Daily readings are under pressure and broader weekly charts are bearish, highlighting room for further losses in the coming sessions. A break below 1.5500 will open up strong support at 1.5400, with potential for continuation towards critical support at the 1.5325 weekly low of 27 March. Meanwhile, resistance is lowered to congestion around 1.5600. A close above here, if seen, will turn sentiment neutral and prompt fresh consolidation beneath resistance at 1.5700.