Chart EUR/CAD Update: Extending cautious trade
Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6155~ | ** | Mar 2018 (y) high | S1 | 1.5700 | break level | ||
| R3 | 1.5990/00 | ** | Mar 2020 (y) high; cong | S2 | 1.5600 | * | congestion | |
| R2 | 1.5932 | * | 11 Apr YTD high | S3 | 1.5500 | ** | congestion | |
| R1 | 1.5855 | * | 11 Mar (m) high | S4 | 1.5400 | * | congestion |
Asterisk denotes strength
10:55 BST - Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious and extend consolidation beneath 1.5800. The daily Tension Indicator continues to rise and broader weekly charts are positive, highlighting room for fresh gains in the coming sessions towards the 1.5855 monthly high of 11 March. However, a close above the 1.5932 current year high of 11 April is needed to confirm fresh gains and extend August 2022 gains towards strong resistance at 1.5990/00. Meanwhile, support remains at 1.5700. A close beneath here would turn sentiment neutral and prompt consolidation above congestion around 1.5600.