Published: 2025-06-12T12:29:24.000Z
Chart EUR/CAD Update: Sharp break higher
Senior Technical Strategist
1
Cautious trade has given way to steady gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6000 | ** | congestion | S1 | 1.5700 | break level | ||
| R3 | 1.5960 | ** | 21 Apr YTD high | S2 | 1.5600 | * | congestion | |
| R2 | 1.5900 | congestion | S3 | 1.5500 | ** | congestion | ||
| R1 | 1.5800 | congestion | S4 | 1.5400 | ** | congestion, 38.2% ret |
Asterisk denotes strength
13:00 BST - Cautious trade has given way to steady gains, with the break above 1.5700 reaching congestion resistance at 1.5800. Overbought intraday studies are flattening, suggesting potential for consolidation around here. But daily readings are rising, pointing to potential for further gains towards 1.5900. Mixed weekly charts could prompt more significant selling interest towards here. Meanwhile, support is raised to 1.5700. A close back beneath here would turn sentiment neutral once again and prompt consolidation above congestion around 1.5600.