Chart EUR/CAD Update: Further consolidation - studies remain under pressure
Still little change, as prices extend consolidation above congestion support at 1.4800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | * | break level | S1 | 1.4800 | * | congestion | |
| R3 | 1.5060 | * | 18 Dec (w) high | S2 | 1.4758 | * | 2 Jan (w) low | |
| R2 | 1.5000 | ** | congestion | S3 | 1.4722 | * | 2 Dec (m) low | |
| R1 | 1.4900 | ** | break level | S4 | 1.4700 | * | congestion |
Asterisk denotes strength
11:30 GMT - Still little change, as prices extend consolidation above congestion support at 1.4800. Negative daily stochastics are attempting to flatten, suggesting further sideways trade. But the daily Tension Indicator and broader weekly charts are ticking down, highlighting room for fresh losses in the coming sessions. A later break below 1.4800 will open up the 1.4758 weekly low of 2 January. Continuation beneath here would turn sentiment negative and extend December losses below 1.4700. Meanwhile, resistance remains at 1.4900 and should cap any immediate tests higher. An unexpected close above here would help to stabilise price action and give way to consolidation beneath congestion around 1.5000.