Published: 2025-07-31T11:14:45.000Z
Chart EUR/CAD Update: Limited tests higher
Senior Technical Strategist
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The test below 1.5800 has bounced from 1.5765
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6150~ | ** | March 2018 (y) high | S1 | 1.5800 | congestion | ||
| R3 | 1.6100/18 | ** | cong; 28 Jul YTD high | S2 | 1.5765~ | 30 Jul low | ||
| R2 | 1.6000 | ** | congestion | S3 | 1.5725 | * | 50% ret of Mar-Jul rally | |
| R1 | 1.5900 | congestion | S4 | 1.5700 | * | congestion |
Asterisk denotes strength
11:45 BST - The test below 1.5800 has bounced from 1.5765, as intraday studies turn higher and oversold daily stochastics flatten, with prices currently balanced around 1.5840. The daily Tension Indicator continues to track lower and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions. A later break back below 1.5800 will add weight to sentiment and extend July losses initially to the 1.5725 Fibonacci retracement. Still lower is 1.5700. Meanwhile, resistance is lowered to congestion around 1.5900. A close above here, if seen, would turn sentiment neutral and prompt consolidation beneath further congestion around 1.6000.