Chart EUR/CAD Update: Fresh year high
Cautious trade has given way to a break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6325/30 | ** | June-July 2009 highs | S1 | 1.6100 | ** | congestion | |
| R3 | 1.6235 | ** | 76.4% ret of 2008-2012 fall | S2 | 1.6000 | ** | congestion | |
| R2 | 1.6200 | * | historic congestion | S3 | 1.5900 | congestion | ||
| R1 | 1.6150~ | ** | March 2018 (y) high | S4 | 1.5800 | congestion |
Asterisk denotes strength
12:05 BST - Cautious trade has given way to a break higher, with prices clearing 1.6100 to post a fresh year high around 1.6135 before settling lower. Unwinding overbought intraday studies highlight potential for a test of congestion support at 1.6100. But daily readings have ticked higher, suggesting room for still further gains in the coming sessions. Critical resistance is at the 1.6150~ multi-year high of March 2018. But negative weekly charts are expected to limit any initial tests in consolidation. A close above here would turn sentiment positive and extend 2022 gains initially to historic congestion around 1.6200. Meanwhile, a close back below 1.6100 will turn sentiment neutral and prompt consolidation above further congestion around 1.6000.