Published: 2025-01-20T11:41:01.000Z
Chart EUR/CAD Update: Extending gains
Senior Technical Strategist
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Anticipated gains have broken above 1.4900 to reach 1.4925
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5169 | ** | 4 Nov (m) high | S1 | 1.4900 | ** | break level | |
| R3 | 1.5100 | * | congestion | S2 | 1.4800 | * | congestion | |
| R2 | 1.5060 | ** | 18 Dec (m) high | S3 | 1.4700 | * | congestion | |
| R1 | 1.5000 | ** | congestion | S4 | 1.4685~ | * | 13 Jan YTD low |
Asterisk denotes strength
11:20 GMT - Anticipated gains have broken above 1.4900 to reach 1.4925, where flat overbought intraday studies are prompting short-term reactions. Daily readings have turned positive and broader weekly charts are also improving, suggesting an improvement in sentiment and room for continuation towards congestion around 1.5000. Still higher is the 1.5060 monthly high of 18 December, but already overbought daily stochastics should limit any tests in profit-taking/consolidation. Meanwhile, a break back below support at 1.4900, if seen, will turn sentiment neutral once again and give way to consolidation above congestion around 1.4800.