Chart EUR/CAD Update: Sharp selling interest at fresh year high
The anticipated test of congestion resistance at 1.6100 has extended to a fresh 2025 year high around 1.6118
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6325/30 | ** | June-July 2009 highs | S1 | 1.6000 | ** | congestion | |
| R3 | 1.6200 | historic congestion | S2 | 1.5900 | congestion | |||
| R2 | 1.6150~ | ** | March 2018 (y) high | S3 | 1.5800 | congestion | ||
| R1 | 1.6100/18 | * | cong; current year high | S4 | 1.5700 | break level |
Asterisk denotes strength
11:25 BST - The anticipated test of congestion resistance at 1.6100 has extended to a fresh 2025 year high around 1.6118, before falling sharply in EUR selling interest to congestion support at 1.6000. Negative intraday studies and a tick lower in daily stochastics highlight room for a break beneath here. The positive daily Tension Indicator could limit initial scope in renewed buying interest/consolidation above further congestion around 1.5900. Broader weekly charts are turning down. But a close below 1.5900 is needed to turn sentiment outright negative and confirm a double top in place around 1.6100. Meanwhile, a close above 1.6100/18 is needed to turn sentiment positive and extend August 2022 gains towards the 1.6150~ year high of March 2018.