Chart EUR/CAD Update: Consolidating - studies under pressure
Little change, as unwinding oversold intraday studies and the flat daily Tension Indicator keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | * | break level | S1 | 1.4950 | congestion | ||
| R3 | 1.5055 | * | 6 Sep (w) high | S2 | 1.4900 | ** | congestion; 50% ret of Jun-Aug rally | |
| R2 | 1.5040 | break level | S3 | 1.4830 | ** | 61.8% ret of Jun-Aug rally | ||
| R1 | 1.5000 | * | congestion | S4 | 1.4800 | * | congestion |
Asterisk denotes strength
11:00 BST - Little change, as unwinding oversold intraday studies and the flat daily Tension Indicator keep near-term sentiment cautious and prompt consolidation above congestion support at 1.4950. Positive daily stochastics are fading and broader weekly charts are negative, highlighting potential for fresh losses in the coming sessions. A later close below 1.4950 will add weight to sentiment and open up stronger support at 1.4900. A further close beneath here will confirm continuation of August losses and put focus on the 1.4830 Fibonacci retracement. Meanwhile, resistance remains at congestion around 1.5000 and extends to 1.5040. An unexpected close above here would turn sentiment cautiously positive and open up 1.5100.