Published: 2024-09-23T10:13:14.000Z
Chart EUR/CAD Update: Lower in EUR-driven trade
Senior Technical Strategist
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Cautious trade around 1.5150 has been met with sharp EUR-driven selling interest
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5227 | ** | 5 Aug YTD high | S1 | 1.5040 | break level | ||
R3 | 1.5190 | ** | April 2021 (m) high | S2 | 1.5000 | * | congestion | |
R2 | 1.5176 | ** | 21 Aug (w) high | S3 | 1.4950 | congestion | ||
R1 | 1.5100 | * | break level | S4 | 1.4900 | ** | 50% ret of Jun-Aug rally, cong |
Asterisk denotes strength
10:50 BST - Cautious trade around 1.5150 has been met with sharp EUR-driven selling interest, with prices falling sharply towards support at 1.5040. Minor consolidation is developing around here, but intraday studies have turned negative and overbought daily stochastics are unwinding, highlighting room for still further losses in the coming sessions. A break below 1.5040 will add weight to sentiment, but mixed weekly charts are expected to prompt fresh buying interest/consolidation towards congestion support at 1.5000. Meanwhile, a close back above 1.5100 will turn sentiment neutral and prompt range trade beneath strong resistance at the 1.5176 weekly high of 21 August.