Chart EUR/CAD Update: Extending gains
Choppy trade around 1.6100 has given way to the anticipated break
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.630 | ** | congestion tops | S1 | 1.6100 | ** | break level | |
| R3 | 1.6250~ | ** | 14 Apr (m) high | S2 | 1.6050 | congestion | ||
| R2 | 1.6200 | ** | congestion | S3 | 1.6000 | * | break level | |
| R1 | 1.6150 | * | break level | S4 | 1.5950 | * | break level |
Asterisk denotes strength
11:50 BST - Choppy trade around 1.6100 has given way to the anticipated break, as intraday studies turn higher, with prices currently trading around 1.6130. Daily stochastics and the daily Tension Indicator are also rising, highlighting room for a test of 1.6150. But already overbought daily stochastics could limit any initial tests in consolidation, before improving weekly charts prompt a break and extend May gains towards congestion resistance at 1.6200. Negative longer-term charts could prompt renewed selling interest around here. Meanwhile, a close back below 1.6100 would help to stabilise price action and prompt consolidation above congestion support at 1.6050.