Chart EUR/CAD Update: Choppy beneath fresh 16-year high
Choppy trade has extended 2012 gains to a fresh year high around 1.6360
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6400 | * | historic congestion | S1 | 1.6200 | * | congestion | |
| R3 | 1.6360 | 17 Sep YTD high | S2 | 1.6100 | ** | congestion | ||
| R2 | 1.6330 | ** | June 2009 high | S3 | 1.6000 | ** | congestion | |
| R1 | 1.6300 | * | historic congestion | S4 | 1.5900 | congestion |
Asterisk denotes strength
11:45 BST - Choppy trade has extended 2012 gains to a fresh year high around 1.6360, before falling sharply as overbought intraday studies unwind, into further choppy trade around 1.6300. Daily stochastics are flat in overbought areas and the positive daily Tension Indicator is flattening, suggesting potential for further cautious/choppy trade in the coming sessions. A close above the 1.6330 high of June 2009 is needed to improve sentiment and open up historic congestion around 1.6400. Meanwhile, support remains at congestion around 1.6200. A close beneath here would add weight to sentiment and prompt a pullback towards further congestion around 1.6100.