Chart EUR/CAD Update: Higher in range
Choppy trade above congestion support at 1.6200 has given way to a fresh bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6468 | * | 17 Oct YTD high | S1 | 1.6200 | * | congestion | |
| R3 | 1.6400 | * | break level | S2 | 1.6135~ | ** | 3 Nov (w) low | |
| R2 | 1.6340 | * | 13 Nov (w) high | S3 | 1.6115 | ** | 50% ret of Jul-Oct rally | |
| R1 | 1.6300 | * | congestion | S4 | 1.6100 | * | congestion |
Asterisk denotes strength
12:25 GMT - Choppy trade above congestion support at 1.6200 has given way to a fresh bounce, as intraday studies turn higher once again, with focus congestion resistance at 1.6300. Daily readings are also improving, suggesting room for a test above here. But mixed/negative weekly charts are expected to limit scope in renewed selling interest/consolidation beneath strong resistance at the 1.6340 weekly high of 13 November. A close above here, if seen, would improve sentiment and extend November gains towards 1.6400, where fresh selling interest is expected to appear. Meanwhile, any initial tests below 1.6200 should give way to consolidation above stronger support at the 1.6135~ weekly low of 3 November and the 1.6115 Fibonacci retracement.