Published: 2024-09-25T10:07:35.000Z
Chart EUR/CAD Update: Further consolidation - daily studies under pressure
Senior Technical Strategist
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Little change, as prices extend cautious trade within the 1.5000 - 1.5050 area
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
10:50 BST - Little change, as prices extend cautious trade within the 1.5000 - 1.5050 area. Intraday studies are rising, suggesting room for a test of 1.5050, but negative daily readings and mixed/negative weekly charts should limit any break in fresh selling interest beneath 1.5100. In the coming sessions, cautious trade is expected to give way to renewed weakness. A later break below 1.5000 will add weight to sentiment and extend losses beneath congestion around 1.4950 towards strong support at 1.4900.