Chart EUR/CAD Update: Lower in range
Consolidation around congestion resistance at 1.5800 is giving way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5930~ | 4 Mar high | S1 | 1.5700 | * | congestion | ||
| R3 | 1.5910 | * | 38.2% ret of Jan-Mar fall | S2 | 1.5600/15 | * | congestion; 9 Mar YTD low | |
| R2 | 1.5850 | minor congestion | S3 | 1.5535 | * | 29 May 25 (w) low | ||
| R1 | 1.5800 | minor congestion | S4 | 1.5475 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength
11:30 GMT - Consolidation around congestion resistance at 1.5800 is giving way to a drift lower, as intraday studies turn down, with prices currently trading around 1.5740. Immediate focus is on congestion support at 1.5700. But oversold daily stochastics are turning higher, suggesting any initial tests could give way to consolidation, before the bearish daily Tension Indicator and mixed/negative weekly charts prompt further losses. A break below 1.5700 will add weight to sentiment and open up a test of stronger support at 1.5600/12. Meanwhile, any immediate tests above 1.5800 should meet renewed selling interest beneath further congestion around 1.5850.