Chart EUR/CAD Update: Extending gains
Cautious trade around 1.6000 has given way to anticipated gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6300 | * | break level | S1 | 1.6000 | ** | congestion | |
| R3 | 1.6250 | congestion | S2 | 1.5950 | * | recent lows | ||
| R2 | 1.6200/10 | ** | congestion; 76.4% ret | S3 | 1.5900 | * | congestion | |
| R1 | 1.6100 | ** | break level | S4 | 1.5850 | * | congestion |
Asterisk denotes strength
12:30 BST - Cautious trade around 1.6000 has given way to anticipated gains, with prices currently testing levels just above resistance at the 1.6100 break level. Daily stochastics are flat in overbought areas, suggesting potential for cautious trade around here, before the positive daily Tension Indicator and rising weekly charts extend gains still further. A close above 1.6100 will improve sentiment and extend March gains towards strong resistance at 1.6200/10. However, overbought daily stochastics could limit any initial tests in profit-taking/consolidation. Meanwhile, support is raised to congestion around 1.6000 and should remain intact in any immediate setbacks.