Published: 2024-09-26T10:07:58.000Z
Chart EUR/CAD Update: Consolidating - daily studies under pressure
Senior Technical Strategist
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The anticipated test above resistance at 1.5050 has been pushed back sharply
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 - The anticipated test above resistance at 1.5050 has been pushed back sharply, with prices currently balanced in cautious trade above congestion support at 1.5000. Daily studies continue to track lower and weekly charts are also coming under pressure, highlighting room for a later break beneath here towards further congestion around 1.4950. A close below strong support at 1.4900 would turn sentiment outright negative and confirm continuation of August losses towards the 1.4830 Fibonacci retracement. Meanwhile, any fresh tests higher should meet renewed selling interest towards 1.5050.