Published: 2024-09-30T09:56:44.000Z
Chart EUR/CAD Update: Testing higher levels
Senior Technical Strategist
1
Anticipated gains are extending
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5300 | * | break level | S1 | 1.5100 | * | break level | |
R3 | 1.5227 | ** | 5 Aug YTD high | S2 | 1.5050 | break level | ||
R2 | 1.5190 | ** | April 2021 (m) high | S3 | 1.5000 | * | congestion | |
R1 | 1.5176 | ** | 21 Aug (w) high | S4 | 1.4950 | congestion |
Asterisk denotes strength
10:30 BST - Anticipated gains are extending, with the break above 1.5100 turning sentiment cautiously positive. Immediate focus is on 1.5150, but flat overbought intraday studies are expected to prompt short-term reactions beneath here, before rising daily stochastics and a tick higher in the daily Tension Indicator prompt a break towards the 1.5176 weekly high of 21 August. Mixed weekly charts could limit any initial tests in further consolidation. Meanwhile, a test back below support at 1.5100 should give way to consolidation around 1.5050.