Chart EUR/CAD Update: Cautious trade - studies under pressure
The anticipated test above congestion resistance at 1.6200 has been pushed back from 1.6220
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6468 | * | 17 Oct YTD high | S1 | 1.6135~ | 3 Nov low | ||
| R3 | 1.6400 | * | break level | S2 | 1.6115 | ** | 50% ret of Jul-Oct rally | |
| R2 | 1.6300 | * | congestion | S3 | 1.6100 | * | congestion | |
| R1 | 1.6200 | * | congestion | S4 | 1.6035 | ** | 61.8% ret of Jul-Oct rally |
Asterisk denotes strength
11:30 GMT - The anticipated test above congestion resistance at 1.6200 has been pushed back from 1.6220, as intraday studies turn down, with prices currently trading around 1.6175. Daily readings are mixed/negative and broader weekly charts are falling, suggesting any fresh tests above 1.6200 should meet renewed selling interest beneath further congestion around 1.6300. In the coming sessions, cautious trade is looked for, before lower levels attract. Support is at the 1.6135~ low of 3 November and extends to stronger support within the 1.6115 Fibonacci retracement and congestion around 1.6100. A break beneath here will add weight to sentiment and extend mid-October losses towards the 1.6035 retracement.