Chart EUR/CAD Update: Turning away from fresh 5-year high
The break above the 1.5785 - 1.5825 highs from August-December 2020 has met selling interest at 1.5855
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6000 | ** | historic congestion | S1 | 1.5600 | * | congestion | |
| R3 | 1.5855 | ** | 11 Mar YTD high | S2 | 1.5500 | ** | congestion | |
| R2 | 1.5825 | ** | August 2020 (m) high | S3 | 1.5400 | * | congestion | |
| R1 | 1.5785 | ** | December 2020 (m) high | S4 | 1.5300 | * | congestion |
Asterisk denotes strength
10:55 GMT - The break above the 1.5785 - 1.5825 highs from August-December 2020 has met selling interest at 1.5855, as intraday studies turn down, with prices falling back to currently trade around 1.5715. Overbought daily stochastics are also ticking lower, highlighting room for profit-taking in the coming sessions, with focus to turn to congestion support at 1.5600. Rising weekly charts suggest any tests could give way to renewed buying interest. But if broken, a deeper correction will then target further congestion around 1.5500. Meanwhile, a close above 1.5785 - 1.5825 is needed to turn sentiment positive once again and extend gains towards strong resistance at 1.6000.