Chart EUR/CAD Update: Consolidating - daily studies remain under pressure
Little change, as prices extend consolidation above congestion support at 1.6000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6325 | ** | July 2009 high | S1 | 1.6000 | ** | congestion | |
| R3 | 1.6200 | historic congestion | S2 | 1.5900 | * | congestion | ||
| R2 | 1.6150~ | ** | March 2018 (y) high | S3 | 1.5800 | congestion | ||
| R1 | 1.6100/09 | * | cong; 1 Jul YTD high | S4 | 1.5700 | break level |
Asterisk denotes strength
11:05 BST - Little change, as prices extend consolidation above congestion support at 1.6000. Intraday studies are under pressure and daily readings are also turning down, highlighting room for a later break beneath here. Focus will turn to congestion around 1.5900, but rising weekly charts are expected to limit any tests in renewed buying interest. Following corrective trade, fresh gains are looked for. However, a close above 1.6100/09, not yet seen, is needed to turn sentiment positive once again and extend August 2022 gains towards critical multi-year resistance at the 1.6150~ year high of March 2018. Continuation beyond here will extend broader 2012 gains into levels from 2009Q3.