Published: 2024-11-20T12:26:45.000Z
Chart EUR/CAD Update: Leaning lower
Senior Technical Strategist
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Cautious trade around 1.4800 has given way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5050 | break level | S1 | 1.4735 | ** | 76.4% ret of Jun-Aug rally | ||
| R3 | 1.5000 | * | congestion | S2 | 1.4700/10 | ** | congestion; 14 Nov low | |
| R2 | 1.4900 | ** | break level | S3 | 1.4668 | 1 Jul (m) low | ||
| R1 | 1.4800 | * | congestion | S4 | 1.4650 | congestion |
Asterisk denotes strength
11:55 GMT - Cautious trade around 1.4800 has given way to anticipated losses, with prices currently finding support around 1.4750. Daily readings have turned negative and broader weekly charts are also under pressure, highlighting room for continuation to the 1.4735 Fibonacci retracement. A further close beneath here will extend August losses below 1.4700 towards congestion around 1.4650. Meanwhile, resistance is lowered to congestion around 1.4800. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath the 1.4900 break level.