Published: 2024-09-27T10:05:23.000Z
Chart EUR/CAD Update: Balanced in range - daily studies under pressure
Senior Technical Strategist
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The test of resistance at 1.5050 has met selling interest around 1.5070
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 test of resistance at 1.5050 has met selling interest around 1.5070, as overbought intraday studies unwind, with prices once again trading below 1.5050. Daily stochastics are ticking higher, suggesting potential for a test test above here. Bu the negative daily Tension Indicator and mixed/negative weekly charts should prompt fresh selling interest towards 1.5100. Meanwhile, support remains at congestion around 1.5000. A close beneath here would add weight to sentiment and open up congestion around 1.4900. However, a close below strong support at 1.4900 is needed to turn sentiment outright negative and confirm continuation of August losses towards the 1.4830 Fibonacci retracement.