Chart EUR/CAD Update: Room for lower
The anticipated test of 1.5700 has extended to 1.5665/70
| 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 | * | congestion | S4 | 1.5475 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength
11:30 GMT - The anticipated test of 1.5700 has extended to 1.5665/70, before bouncing back above 1.5700 as oversold intraday studies turn higher. Daily readings have turned down once again and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break back below congestion support at 1.5700 will open up a test of stronger support at 1.5600/12. A further break will confirm continuation of October losses, and open up a test of the 1.5535 weekly low of 29 May. Meanwhile, resistance remains at congestion around 1.5800. Any immediate tests above here should meet renewed selling interest beneath further congestion around 1.5850.