Published: 2025-02-17T10:55:02.000Z
Chart EUR/CAD Update: Studies continue to improve
Senior Technical Strategist
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Little change, as pries extend cautious trade beneath strong resistance at 1.4900
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | * | congestion | S1 | 1.4800 | * | congestion | |
| R3 | 1.5000 | ** | congestion, 61.8% ret | S2 | 1.4745 | ** | 61.8% ret of Nov-Jan rally | |
| R2 | 1.4955 | ** | 50% ret of Jan-Feb fall | S3 | 1.4700 | * | congestion | |
| R1 | 1.4900 | ** | break level, 38.2% ret | S4 | 1.4645 | ** | 76.4% ret of Nov-Jan rally |
Asterisk denotes strength
10:50 GMT - Little change, as pries extend cautious trade beneath strong resistance at 1.4900. Daily stochastics continue to rise and the flat daily Tension Indicator is also turning up, suggesting room for a test above here. Focus will then turn to the 1.4955 Fibonacci retracement, but deteriorating weekly charts are expected to limit any tests in renewed selling interest. Meanwhile, support remains at congestion around 1.4800. But a close below the 1.4745 Fibonacci retracement is needed to turn sentiment negative and extend January losses initially towards congestion around 1.4700.