Chart EUR/CAD Update: Cautious trade - studies remain under pressure
The anticipated minor test higher has met expected selling interest beneath 1.5040
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5227 | ** | 5 Aug YTD high | S1 | 1.5000 | * | congestion | |
| R3 | 1.5190/00 | ** | April 2021 (m) high; congestion | S2 | 1.4980 | * | 38.2% ret of Jun-Aug rally | |
| R2 | 1.5100 | * | Mar-Sep 2021 break level | S3 | 1.4950 | congestion | ||
| R1 | 1.5040 | break level | S4 | 1.4900 | * | congestion, 50% ret of Jun-Aug rally |
Asterix denotes strength
11:25 BST - The anticipated minor test higher has met expected selling interest beneath 1.5040, with prices once again pressuring support at the 1.4980 Fibonacci retracement and congestion around 1.5000. Intraday studies have turned down and daily readings are negative, highlighting potential for fresh losses in the coming sessions. A later close below 1.4980 will add weight to sentiment and open up congestion around 1.4950 Still lower is stronger support at 1.4900, where fresh buying interest/consolidation is looked for. Meanwhile, an unexpected break above 1.5040 should meet renewed selling interest towards strong resistance at 1.5100.