Chart EUR/CAD Update: Choppy in range - studies under pressure
Still little change, as prices extend choppy consolidation within the 1.6200 - 1.6300 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6590 | ** | 61.8% ret of 1995-2012 fall | S1 | 1.6200 | * | congestion | |
| R3 | 1.6500 | * | historic congestion | S2 | 1.6150 | ** | 38.2% ret of Jul-Oct rally | |
| R2 | 1.6400 | ** | 3 Oct YTD high, congestion | S3 | 1.6100 | ** | congestion | |
| R1 | 1.6300 | * | historic congestion | S4 | 1.6000 | ** | congestion |
Asterisk denotes strength
11:35 BST - Still little change, as prices extend choppy consolidation within the 1.6200 - 1.6300 range. Oversold daily stochastics are unwinding, suggesting room for a move towards congestion resistance at 1.6300. But the negative daily Tension Indicator and bearish weekly charts should limit any tests in renewed selling interest. A close above here, however, would turn sentiment cautious and prompt consolidation beneath critical resistance at the 1.6400 current year high of 3 October. In the coming sessions, cautious trade is expected to give way to fresh losses. A later break below congestion support at 1.6200 would extend October losses towards the 1.6150 Fibonacci retracement. Oversold daily stochastics could limit any initial tests in consolidation, before further downside tests unfold.