Chart EUR/CAD Update: Choppy in range - studies under pressure
The retest of congestion support at 1.6100 has bounced in choppy trade
| 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
11:55 GMT - The retest of congestion support at 1.6100 has bounced in choppy trade, with prices currently balanced around congestion resistance at 1.6150. Rising intraday studies highlight room for a test above here. But negative daily readings are expected to limit scope in renewed selling interest beneath congestion around 1.6200. In the coming sessions, a test below 1.6100 cannot be ruled out. Focus will turn to critical support at 1.6061/65, where rising weekly charts could prompt fresh consolidation. Deteriorating longer-term charts, however, point to a later break and continuation of October losses, initially to the 1.6035 Fibonacci retracement.