Chart EUR/CAD Update: Consolidating gains - daily studies continue to rise
The anticipated test of resistance at 1.6150 is giving way to a minor pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6270~ | ** | 19 Jun (m) high | S1 | 1.6100 | ** | break level | |
| R3 | 1.6250~ | ** | 14 Apr (m) high | S2 | 1.6020 | * | 38.2% ret of Mar-Jun rally | |
| R2 | 1.6200 | ** | congestion | S3 | 1.6000 | ** | congestion | |
| R1 | 1.6150 | * | break level | S4 | 1.5940 | ** | 50% ret of Mar-Jun rally |
Asterisk denotes strength
11:55 BST - The anticipated test of resistance at 1.6150 is giving way to a minor pullback, as overbought intraday studies unwind, with prices currently trading around 1.6125. Daily stochastics and the daily Tension Indicator continue to rise, suggesting room for a test above here. But negative weekly charts should limit scope in renewed selling interest towards congestion resistance at 1.6200. Following cautious/corrective trade, fresh losses are looked for. Support is raised to 1.6100. But a close below congestion around 1.6000 and the 1.6020 Fibonacci retracement is needed to add weight to sentiment and extend late-June losses towards the 1.5940 retracement.