Published: 2024-01-12T11:27:18.000Z
Chart EUR/CAD Update: Limited downside tests
Senior Technical Strategist
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The anticipated test above congestion resistance at 1.4700 has met selling interest beneath strong resistance at the 1.4750 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4860 | ** | 61.8% ret of Nov-Dec fall | S1 | 1.4600 | * | congestion | |
| R3 | 1.4800/05 | ** | cong; 50% ret | S2 | 1.4550 | ** | range lows | |
| R2 | 1.4750 | ** | 38.2% ret of Nov-Dec fall | S3 | 1.4500 | ** | cong, 61.8% ret | |
| R1 | 1.4700 | * | congestion | S4 | 1.4400 | * | congestion | |
Asterisk denotes strength of level
11:15 GMT - The anticipated test above congestion resistance at 1.4700 has met selling interest beneath strong resistance at the 1.4750 Fibonacci retracement, with prices falling steadily to 1.4650. Intraday studies are negative, highlighting potential for a test of congestion support at 1.4600. However, mixed/positive daily readings and mixed weekly charts should limit any immediate tests beneath here in fresh consolidation above strong support at the 1.4550 range lows. Meanwhile, resistance at 1.4750 should continue to cap any near-term tests above 1.4700.