Chart EUR/CAD Update: Lower in CAD-driven trade
Cautious trade around 1.6250 has given way to sharp losses in CAD-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6300 | ** | congestion | S1 | 1.6150 | * | break level | |
| R3 | 1.6270 | ** | 19 Jun (m) high | S2 | 1.6125~ | * | 26 Jun (w) low | |
| R2 | 1.6250~ | ** | 14 Apr (m) high | S3 | 1.6100 | ** | break level | |
| R1 | 1.6200 | ** | congestion | S4 | 1.6035 | ** | 8 Jun (m) low |
Asterisk denotes strength
11:30 BST - Cautious trade around 1.6250 has given way to sharp losses in CAD-driven trade, with prices currently pressuring support at 1.6150. Intraday studies are bearish and daily readings are under pressure, highlighting room for continuation down to the 1.6125~ weekly low of 26 June. Unwinding overbought weekly stochastics see room for a deeper retracement. But a close beneath here is needed to turn sentiment negative and confirm a near-term top in place at the 1.6250 - 1.6270 range. Focus will then initially turn to 1.6100. Meanwhile, resistance is lowered to congestion around 1.6200. A close above here would help to stabilise price action and prompt consolidation beneath 1.6250.