Chart EUR/CAD Update: Range extension - background studies under pressure
Still little change, as prices extend cautious trade within the 1.5600 - 1.5700 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5960 | * | 21 Apr YTD high | S1 | 1.5600 | * | congestion | |
| R3 | 1.5900 | congestion | S2 | 1.5500 | ** | congestion | ||
| R2 | 1.5800 | congestion | S3 | 1.5400 | ** | congestion | ||
| R1 | 1.5700 | break level | S4 | 1.5325 | ** | 27 Mar (w) low |
Asterisk denotes strength
11:55 BST - Still little change, as prices extend cautious trade within the 1.5600 - 1.5700 range. Intraday studies are rising and oversold daily stochastics are also turning up, suggesting potential for a test of resistance at 1.5700. But the negative daily Tension Indicator and deteriorating weekly charts are expected to limit any break in renewed selling interest beneath congestion around 1.5800. Following cautious trade, fresh losses are looked for. A later close below congestion support at 1.5600 will add weight to sentiment and open up further congestion around 1.5500, where by-then oversold intraday studies could prompt renewed consolidation.