Chart EUR/CAD Update: Choppy trade - studies rising
The anticipated test of resistance at congestion around 1.5800 and the 1.5843 weekly high of 12 June is giving way to choppy trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5960 | ** | 21 Apr YTD high | S1 | 1.5700 | break level | ||
| R3 | 1.5900 | congestion | S2 | 1.5600 | * | congestion | ||
| R2 | 1.5843 | * | 12 Jun (w) high | S3 | 1.5500 | ** | congestion | |
| R1 | 1.5800 | congestion | S4 | 1.5400 | ** | congestion, 38.2% ret |
Asterisk denotes strength
11:50 BST - The anticipated test of resistance at congestion around 1.5800 and the 1.5843 weekly high of 12 June is giving way to choppy trade, as intraday studies turn mixed, with prices currently trading around 1.5800. Daily readings continue to rise and broader weekly charts have turned mixed/positive, highlighting room for further strength in the coming sessions. A close above 1.5843 will turn sentiment positive extend mid-May gains, initially towards congestion around 1.5900. Meanwhile, support remains at 1.5700. A close beneath here, if seen, will open up congestion around 1.5600, where fresh consolidation is expected to appear.