Published: 2024-10-21T10:19:14.000Z
Chart EUR/CAD Update: Further gains to remain limited
Senior Technical Strategist
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The bounce from support at the 1.4900 Fibonacci retracement has extended to congestion resistance at 1.5000
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.5150 | congestion tops | S1 | 1.4950 | congestion | |||
R3 | 1.5100 | * | break level | S2 | 1.4900 | ** | 50% ret of Jun-Aug rally | |
R2 | 1.5050 | break level | S3 | 1.4830 | ** | 61.8% ret of Jun-Aug rally | ||
R1 | 1.5000 | * | congestion | S4 | 1.4800 | * | congestion |
Asterisk denotes strength
11:00 BST - The bounce from support at the 1.4900 Fibonacci retracement has extended to congestion resistance at 1.5000, where unwinding overbought intraday studies are prompting consolidation. The bearish daily Tension Indicator is flattening, suggesting room for a test above here. But mixed/negative weekly charts are expected to limit scope in renewed selling interest towards 1.5050. Meanwhile, support is raised to congestion around 1.4950. However, a close below the 1.4900 Fibonacci retracement and congestion level is needed to turn sentiment outright negative and confirm continuation of August losses, initially to the 1.4830 retracement.