Published: 2024-10-17T09:56:27.000Z
Chart EUR/CAD Update: Prices coming under pressure
Senior Technical Strategist
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Cautious trade has given way to a sharp fall
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5150 | * | congestion | S1 | 1.4950 | * | congestion | |
R3 | 1.5100 | * | break level | S2 | 1.4927 | 16 Oct low | ||
R2 | 1.5050 | break level | S3 | 1.4900 | ** | 50% ret of Jun-Aug rally | ||
R1 | 1.5000 | * | congestion | S4 | 1.4830 | ** | 61.8% ret of Jun-Aug rally |
Asterisk denotes strength
10:40 BST - Cautious trade has given way to a sharp fall, with the break below 1.4950 reaching 1.4927 before bouncing back above 1.4950. Oversold intraday studies are unwinding, suggesting fresh consolidation above here, before negative daily readings and deteriorating weekly charts prompt fresh losses. A later break back below 1.4950 will open up support at the 1.4900 Fibonacci retracement. A further close beneath here will turn sentiment outright negative and confirm continuation of August losses. Meanwhile, resistance is lowered to congestion around 1.5000 and should cap any immediate tests higher.