Chart EUR/CAD Update: Balanced at multi-year resistances
Little change, as prices extend consolidation beneath critical resistance at the 1.6235 multi-year Fibonacci retracement and the 1.6257 current year high of 5 September
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6330 | ** | June 2009 high | S1 | 1.6200 | * | congestion | |
| R3 | 1.6300 | * | historic congestion | S2 | 1.6100 | ** | congestion | |
| R2 | 1.6257 | ** | 5 Sep YTD high | S3 | 1.6000 | ** | congestion | |
| R1 | 1.6235 | ** | 76.4% ret of 2008-2012 fall | S4 | 1.5900 | congestion |
Asterisk denotes strength
10:55 BST - Little change, as prices extend consolidation beneath critical resistance at the 1.6235 multi-year Fibonacci retracement and the 1.6257 current year high of 5 September. Intraday studies are under pressure, suggesting room for a drift lower towards congestion around 1.6200. But rising daily readings are expected to limit any initial break in renewed consolidation above further congestion around 1.6100. Broader weekly charts are negative, but a further close below 1.6000 is needed to turn sentiment outright negative and confirm a near-term top in place. Meanwhile, a close above 1.6235/57 will turn sentiment positive and extend 2012 gains towards 1.6300/30.