Published: 2024-09-24T10:07:08.000Z
Chart EUR/CAD Update: Cautious in range - daily studies under pressure
Senior Technical Strategist
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Anticipated losses have met expected buying interest around congestion support at 1.5000
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5190 | ** | April 2021 (m) high | S1 | 1.5000 | * | congestion | |
R3 | 1.5176 | ** | 21 Aug (w) high | S2 | 1.4950 | congestion | ||
R2 | 1.5100 | * | break level | S3 | 1.4900 | ** | 50% ret of Jun-Aug rally, cong | |
R1 | 1.5050 | break level | S4 | 1.4830 | ** | 61.8% ret of Jun-Aug rally |
Asterisk denotes strength
10:30 BST - Anticipated losses have met expected buying interest around congestion support at 1.5000, as oversold intraday studies unwind, with prices currently balanced just beneath 1.5050. A test above here is possible, but negative daily readings and mixed/negative weekly charts should limit scope in fresh selling interest beneath 1.5100. In the coming sessions, cautious trade is expected to give way to renewed weakness. A break below 1.5000 will add weight to sentiment and extend losses beneath congestion around 1.4950 towards strong support at 1.4900.