Chart EUR/CAD Update: Consolidating - daily studies leaning lower
Consolidation around the 2025 year high at 1.6184 and historic congestion around 1.6200 has given way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6300 | * | historic congestion | S1 | 1.6100 | ** | congestion | |
| R3 | 1.6235 | ** | 76.4% ret of 2008-2012 fall | S2 | 1.6000 | ** | congestion | |
| R2 | 1.6200 | * | historic congestion | S3 | 1.5900 | congestion | ||
| R1 | 1.6184 | * | 20 Aug YTD high | S4 | 1.5800 | congestion |
Asterisk denotes strength
11:40 BST - Consolidation around the 2025 year high at 1.6184 and historic congestion around 1.6200 has given way to a drift lower, as intraday studies turn down, with prices currently balanced around 1.6140. Daily stochastics continue to fall and the positive daily Tension Indicator is flattening, suggesting a deterioration in sentiment and room for a pullback. A break below congestion support at 1.6100 will add weight to sentiment and open up further congestion around 1.6000. But mixed/positive weekly charts should limit any initial tests in fresh buying interest/consolidation. Meanwhile, a close above 1.6184/00 would turn sentiment positive and open up strong resistance at the 1.6235 Fibonacci retracement.