Published: 2024-10-16T10:38:40.000Z
Chart EUR/CAD Update: Limited gains - studies under pressure
Senior Technical Strategist
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Anticipated tests higher have been pushed back sharply from beneath 1.5100
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5200 | break level | S1 | 1.5000 | * | congestion | ||
R3 | 1.5150 | * | congestion | S2 | 1.4985 | 15 Oct low | ||
R2 | 1.5100 | * | break level | S3 | 1.4950 | * | congestion | |
R1 | 1.5050 | break level | S4 | 1.4900 | ** | 50% ret of Jun-Aug rally |
Asterisk denotes strength
11:00 BST - Anticipated tests higher have been pushed back sharply from beneath 1.5100, with steady losses breaking below congestion support at 1.5000 before bouncing from 1.4985. Prices are once again trading above 1.5000, but mixed/negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest towards 1.5050. Following cautious trade, fresh losses are looked for. A close back below 1.5000 will add weight to sentiment and open up 1.4950. However, a further close below 1.4900 would turn sentiment outright negative and confirm continuation of August losses.