Published: 2024-01-22T11:16:09.000Z
Chart EUR/CAD Update: Prices remain under pressure
Senior Technical Strategist
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Little change to the bearish tone
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4860 | ** | 61.8% ret of Nov-Dec fall | S1 | 1.4600 | * | congestion | |
| R3 | 1.4800/05 | ** | cong; 50% ret | S2 | 1.4550 | ** | range lows | |
| R2 | 1.4750 | ** | 38.2% ret of Nov-Dec fall | S3 | 1.4500 | ** | cong, 61.8% ret | |
| R1 | 1.4700 | * | congestion | S4 | 1.4400 | * | congestion | |
Asterisk denotes strength of level
11:05 GMT - Little change to the bearish tone, with prices drifting lower to congestion support at 1.4600. Daily stochastics are negative and the daily Tension Indicator is under pressure, suggesting potential for still deeper losses in the coming sessions. A close below 1.4600 will add weight to sentiment and open up strong support at the 1.4550 range lows. Meanwhile, resistance remains at congestion around 1.4700 and should cap any immediate tests higher. An unexpected break above here will turn price action neutral and prompt consolidation beneath the 1.4750 Fibonacci retracement.