Published: 2024-12-19T12:55:14.000Z
Chart EUR/CAD Update: Coming under pressure
Senior Technical Strategist
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Consolidation above 1.5000 has given way to a break
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5200 | figure | S1 | 1.4900 | ** | break level | ||
| R3 | 1.5169 | ** | 4 Nov (m) high | S2 | 1.4820 | * | 11 Dec (w) low | |
| R2 | 1.5100 | * | break level | S3 | 1.4800 | * | congestion | |
| R1 | 1.5000 | ** | congestion | S4 | 1.4772 | * | 2 Dec (w) low |
Asterisk denotes strength
12:40 GMT - Consolidation above 1.5000 has given way to a break, with prices currently trading around 1.4940. Intraday studies have ticked lower and positive daily readings have turned mixed, suggesting room for further losses in the coming sessions towards support at the 1.4900 break level. Continuation beneath here will add weight to sentiment and open up the 1.4820 weekly low of 11 December and congestion around 1.4800. However, by-then oversold intraday studies could limit any initial tests in consolidation. Meanwhile, any tests above congestion resistance at 1.5000 should meet renewed selling interest beneath the 1.5060 high of 18 December.