Published: 2024-12-20T11:40:45.000Z
Chart EUR/CAD Update: Choppy trade - daily studies under pressure
Senior Technical Strategist
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The anticipated test of support at 1.4900 has extended to 1.4875
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5200 | figure | S1 | 1.4900 | ** | break level | ||
| R3 | 1.5169 | ** | 4 Nov (m) high | S2 | 1.4820 | * | 11 Dec (w) low | |
| R2 | 1.5100 | * | break level | S3 | 1.4800 | * | congestion | |
| R1 | 1.5000 | ** | congestion | S4 | 1.4772 | * | 2 Dec (w) low |
Asterisk denotes strength
10:55 GMT - The anticipated test of support at 1.4900 has extended to 1.4875, before bouncing steadily to trade back above 1.4900. Intraday studies are tracking higher, suggesting potential for a test higher. But negative daily readings are expected to limit scope in renewed selling interest beneath further congestion around 1.5000. Following cautious trade, fresh losses are looked for. A break back below 1.4900 will add weight to sentiment and open up the 1.4820 weekly low of 11 December and congestion around 1.4800. However, rising weekly charts could limit any initial tests in consolidation.