Published: 2025-05-29T10:49:04.000Z
Chart EUR/CAD Update: Early losses negated - studies under pressure
Senior Technical Strategist
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Choppy trade has posted a break below 1.5600
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5900 | congestion | S1 | 1.5600 | * | congestion | ||
| R3 | 1.5800 | congestion | S2 | 1.5500 | ** | congestion | ||
| R2 | 1.5760 | * | 21 May (w) high | S3 | 1.5400 | ** | congestion, 38.2% ret | |
| R1 | 1.5700 | break level | S4 | 1.5325 | ** | 27 Mar (w) low |
Asterisk denotes strength
11:35 BST - Choppy trade has posted a break below 1.5600, with prices reaching 1.5535 before bouncing smartly back to 1.5600. Intraday studies are mixed/positive, suggesting potential for a test higher. But negative daily and weekly readings should limit scope in renewed selling interest beneath resistance at 1.5700. In the coming sessions, downside pressure is expected to increase. A close below 1.5600 will add weight to sentiment and open up congestion around 1.5500. A close beneath here will extend April losses, initially towards strong support at 1.5400.