Chart EUR/CAD Update: Consolidating gains
The anticipated push higher towards resistance at the 1.4900 break level has met selling interest just beneath here
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | break level | S1 | 1.4800 | * | congestion | ||
| R3 | 1.5050 | break level | S2 | 1.4735 | ** | 76.4% ret of Jun-Aug rally | ||
| R2 | 1.5000 | * | congestion | S3 | 1.4700/10 | ** | congestion; 14 Nov low | |
| R1 | 1.4900 | ** | break level | S4 | 1.4668 | 1 Jul (m) low |
Asterisk denotes strength
11:35 GMT - The anticipated push higher towards resistance at the 1.4900 break level has met selling interest just beneath here, as overbought intraday studies unwind, with prices currently trading around 1.4860. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is flattening, suggesting potential for a test of 1.4900. But negative weekly charts should limit any break in renewed selling interest beneath congestion resistance at 1.5000. Meanwhile, support is at congestion around 1.4800. A close beneath here, not yet seen, will add weight to sentiment and open up a retest of the 1.4735 Fibonacci retracement. Continuation beneath here will extend August losses below 1.4700 towards congestion around 1.4650.