Published: 2024-10-01T10:24:34.000Z
Chart EUR/CAD Update: Higher levels rejected - prices under pressure
Senior Technical Strategist
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The anticipated test of 1.5150 has been sharply rejected in EUR-driven trade
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5176 | ** | 21 Aug (w) high | S1 | 1.5000 | * | congestion | |
R3 | 1.5150~ | 30 Sep spike high | S2 | 1.4950 | congestion | |||
R2 | 1.5100 | * | break level | S3 | 1.4900 | ** | 50% ret of Jun-Aug rally | |
R1 | 1.5050 | break level | S4 | 1.4890~ | ** | 2 Sep (m) low |
Asterisk denotes strength
10:55 BST - The anticipated test of 1.5150 has been sharply rejected in EUR-driven trade, with negative intraday studies prompting steady losses towards congestion support at 1.5000. Daily readings have turned negative and broader weekly charts are also under pressure, pointing to room for still deeper losses in the coming sessions, A break beneath here will open up congestion around 1.4950. But a further close below critical support at 1.4890/00 is needed to complete a distribution top and confirm continuation of August losses. Meanwhile, a close back above 1.5050 will turn price action neutral and give way to range trade beneath 1.5100.