Chart EUR/CAD Update: Range trade - background studies under pressure
Little change, as prices extend cautious trade within the broad 1.6200 - 1.6200 range
| 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 (m) low | |
| R2 | 1.6340 | * | 13 Nov (m) high | S3 | 1.6115 | ** | 50% ret of Jul-Oct rally | |
| R1 | 1.6300 | * | congestion | S4 | 1.6100 | * | congestion |
Asterisk denotes strength
11:50 GMT - Little change, as prices extend cautious trade within the broad 1.6200 - 1.6200 range, following the anticipated test of congestion support at 1.6200. Daily readings are mixed, suggesting further sideways trade, before deteriorating weekly charts prompt selling interest. A break below 1.6200 will add weight to sentiment. But a further close below the 1.6135~ monthly low of 3 November will turn sentiment negative and extend October losses below the 1.6115 Fibonacci retracement. Meanwhile, resistance remains at congestion around 1.6300 and extends to the 1.6340 monthly high of 13 November. This range should cap any immediate tests higher.