Chart EUR/CAD Update: Back in range - studies under pressure
The break below 1.6150 has bounced from 1.6125, as intraday studies turn higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6393 | ** | 27 Jan YTD high | S1 | 1.6150 | * | break level | |
| R3 | 1.6300 | ** | congestion | S2 | 1.6100 | ** | break level | |
| R2 | 1.6250~ | ** | 14 Apr (m) high | S3 | 1.6050 | congestion | ||
| R1 | 1.6200 | ** | congestion | S4 | 1.6035 | * | 8 Jun (m) low |
Asterisk denotes strength
11:20 BST - The break below 1.6150 has bounced from 1.6125, as intraday studies turn higher, with prices once again trading above 1.6150. Daily readings continue to point lower and overbought weekly stochastics are showing signs of unwinding, suggesting room for fresh tests lower in the coming sessions. A close beneath here will put focus back on support at 1.6100. But by-then oversold daily stochastics should limit any initial tests beneath here in consolidation within the 1.6035 - 1.6050 range. Meanwhile, resistance is at congestion around 1.6200. But a close above the 1.6250~ monthly high of 14 April is needed to turn sentiment positive and extend March gains towards 1.6300.