Chart EUR/CAD Update: Limited CAD-driven gains
Cautious trade has given way to a fresh break above 1.6300 in CAD-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6500 | ** | figure, historic congestion | S1 | 1.6200 | * | congestion | |
| R3 | 1.6468 | * | 17 Oct YTD high | S2 | 1.6135~ | 3 Nov low | ||
| R2 | 1.6400 | * | break level | S3 | 1.6115 | ** | 50% ret of Jul-Oct rally | |
| R1 | 1.6300 | * | congestion | S4 | 1.6100 | * | congestion |
Asterisk denotes strength
11:30 GMT - Cautious trade has given way to a fresh break above 1.6300 in CAD-driven trade, with prices currently trading around 1.6235. Oversold daily stochastics are unwinding and the flat daily Tension Indicator is turning up, suggesting room for further strength. Resistance is at congestion around 1.6300. But negative weekly charts are expected to limit any tests in renewed selling interest towards here. Following corrective trade, fresh losses are looked for. Support is at congestion around 1.6200. Stronger support, however, is within 1.6100/15 - 1.6135~. A close beneath here will add weight to sentiment and extend mid-October losses towards the 1.6035 Fibonacci retracement.