Chart EUR/CAD Update: Gains to remain limited
Overnight losses are bouncing from 1.6135, as intraday studies turn higher, with prices currently trading around 1.6175
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6468 | * | 17 Oct YTD high | S1 | 1.6135 | intraday low | ||
| R3 | 1.6400 | * | break level | S2 | 1.6115 | ** | 50% ret of Jul-Oct rally | |
| R2 | 1.6300 | * | congestion | S3 | 1.6100 | * | congestion | |
| R1 | 1.6200 | * | congestion | S4 | 1.6035 | ** | 61.8% ret of Jul-Oct rally |
Asterisk denotes strength
11:10 GMT - Overnight losses are bouncing from 1.6135, as intraday studies turn higher, with prices currently trading around 1.6175. Oversold daily stochastics are flattening, suggesting potential for continuation towards congestion resistance at 1.6200. But the negative daily Tension Indicator and bearish weekly charts are expected to limit any tests above here in renewed selling interest beneath 1.6300. Following cautious/corrective trade, fresh losses are looked for. Support is at the 1.6155 Fibonacci retracement and congestion around 1.6100. A break beneath here will add weight to sentiment and extend mid-October losses towards the 1.6035 retracement.