Chart EUR/CAD Update: Limited gains from strong support - studies under pressure
Little change, as prices extend cautious trade within strong support at the 1.6170~ weekly lows from mid-September to mid-October, and congestion around 1.6200
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6500 | * | historic congestion | S1 | 1.6200 | * | congestion | |
| R3 | 1.6468 | * | 17 Oct YTD high | S2 | 1.6170~ | ** | 19 Sep-10 Oct (w) lows | |
| 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
11:40 GMT - Little change, as prices extend cautious trade within strong support at the 1.6170~ weekly lows from mid-September to mid-October, and congestion around 1.6200. Rising intraday studies and a tick higher in oversold daily stochastics highlight room for a test higher. But the negative daily Tension Indicator and deteriorating weekly charts are expected to limit scope in renewed selling interest beneath congestion resistance at 1.6300. Following cautious trade, fresh losses are looked for. However, a close below 1.6170~ is needed to turn sentiment negative and confirm a near-term top in place at the 1.6468 current year high of 17 October, as deeper losses then focus on 1.6100/15.