Chart EUR/CAD Update: Range extension
Little change, as prices extend cautious trade around congestion resistance at 1.6150
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6300 | * | congestion | S1 | 1.6100 | * | congestion | |
| R3 | 1.6250 | break level | S2 | 1.6061/65 | * | 8-31 Dec (m) lows | ||
| R2 | 1.6200 | * | congestion | S3 | 1.6035 | ** | 61.8% ret of Jul-Oct rally | |
| R1 | 1.6150 | * | congestion | S4 | 1.6000 | ** | congestion |
Asterisk denotes strength
13:50 GMT - Little change, as prices extend cautious trade around congestion resistance at 1.6150. Intraday studies are under pressure, highlighting room for a drift down to congestion support at 1.6100. But rising daily readings should limit any initial tests in consolidation, before bearish weekly charts extend losses still further. However, a close below the 1.6061/65 monthly lows from 8-31 December is needed to turn sentiment negative and extend October losses initially to the 1.6035 Fibonacci retracement. Meanwhile, any immediate tests above 1.6150 should be limited in renewed selling interest towards further congestion around 1.6200.