Chart EUR/CAD Update: Consolidating - studies leaning lower
Little change, as prices extend cautious trade above congestion support at 1.6000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6325 | ** | July 2009 high | S1 | 1.6000 | ** | congestion | |
| R3 | 1.6200 | historic congestion | S2 | 1.5900 | * | congestion | ||
| R2 | 1.6150~ | ** | March 2018 (y) high | S3 | 1.5800 | congestion | ||
| R1 | 1.6100/09 | * | cong; 1 Jul YTD high | S4 | 1.5700 | break level |
Asterisk denotes strength
11:30 BST - Little change, as prices extend cautious trade above congestion support at 1.6000. Intraday studies are under pressure and daily readings are also turning down, highlighting room for a break beneath here. But rising weekly charts are expected to limit scope in renewed buying interest towards further congestion around 1.5900. Following corrective trade, fresh gains are looked for. However, a close above 1.6100/09, not yet seen, is needed to turn sentiment positive once again and extend August 2022 gains towards critical multi-year resistance at the 1.6150~ year high of March 2018. Continuation beyond here will extend broader 2012 gains into levels from 2009Q3.