Chart EUR/CAD Update: Consolidating - studies under pressure
Little change, as mixed/positive intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6400 | * | break level | S1 | 1.6100 | * | congestion | |
| R3 | 1.6340 | * | 13 Nov (m) high | S2 | 1.6065 | 8 Dec low | ||
| R2 | 1.6300 | * | congestion | S3 | 1.6035 | ** | 61.8% ret of Jul-Oct rally | |
| R1 | 1.6200 | * | congestion | S4 | 1.6000 | * | congestion |
Asterisk denotes strength
11:50 GMT - Little change, as mixed/positive intraday studies keep near-term sentiment cautious and extend consolidation around congestion support at 1.6100. Daily readings are mixed/negative and broader weekly charts are under pressure, highlighting room for fresh losses in the coming sessions. A close back below 1.6100 will open up the 1.6035 Fibonacci retracement. However, already oversold daily and weekly stochastics could limit any initial tests in consolidation, before October losses extend still further. Meanwhile, resistance remains up to congestion around 1.6200. An unexpected close above here will help to stabilise price action and prompt consolidation beneath further congestion around 1.6300.