Chart EUR/CAD Update: Room for a test below 1.5000
The test above strong resistance at the 1.5070 Fibonacci retracement has been pushed back from beneath congestion resistance at 1.5100
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5227 | ** | 5 Aug 2024 (y) high | S1 | 1.5000 | ** | congestion | |
| R3 | 1.5170/75~ | ** | Aug- Jan (w) highs | S2 | 1.4900 | ** | break level | |
| R2 | 1.5100 | * | congestion | S3 | 1.4800 | * | congestion | |
| R1 | 1.5070 | ** | 76.4% ret of Jan-Feb fall | S4 | 1.4745 | ** | 61.8% ret of Nov-Jan rally |
Asterisk denotes strength
11:20 GMT - The test above strong resistance at the 1.5070 Fibonacci retracement has been pushed back from beneath congestion resistance at 1.5100, as intraday studies continue to track lower, with prices currently balanced above congestion support at 1.5000. Overbought daily stochastics are also turning down, highlighting potential for a test beneath here. Focus will then turn to 1.4900, but the rising daily Tension Indicator and mixed/positive weekly charts are expected to prompt renewed buying interest towards here. Meanwhile, resistance remains at 1.5070/00. A close above here, if seen, would improve sentiment and open up 1.5170/75#, where renewed selling interest is expected to appear.