Published: 2025-06-04T10:58:12.000Z
Chart EUR/CAD Update: Lower in range
Senior Technical Strategist
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The anticipated test of congestion support at 1.5600 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5900 | congestion | S1 | 1.5600 | * | congestion | ||
| R3 | 1.5800 | congestion | S2 | 1.5500 | ** | congestion | ||
| R2 | 1.5760 | * | 21 May (w) high | S3 | 1.5400 | ** | congestion, 38.2% ret | |
| R1 | 1.5700 | break level | S4 | 1.5325 | ** | 27 Mar (w) low |
Asterisk denotes strength
11:25 BST - The anticipated test of congestion support at 1.5600 is giving way to consolidation, as oversold intraday studies flatten. Daily readings are mixed, suggesting potential for further sideways trade, before negative weekly charts prompt a break down to further congestion around 1.5500. A further break will add weight to sentiment and open up 1.5400. Meanwhile, resistance remains at 1.5700. But a close above the 1.5760 weekly high of 21 May is needed to turn sentiment positive and initially target 1.5800.