Chart EUR/CAD Update: Room for lower

Asterisk denotes strength

10:55 GMT - The anticipated break below 1.4900 has reached 1.4820, where oversold intraday studies are prompting short-term reactions. Overbought daily stochastics continue to unwind and the rising daily Tension Indicator is flattening, highlighting a deterioration in sentiment and room for further losses in the coming sessions. Support is at congestion around 1.4800. A later break will add weight to sentiment and extend December losses towards the 1.4722 weekly low of 2 December. However, rising weekly charts are expected to limit any tests of here in renewed buying interest. Meanwhile, resistance is lowered to the 1.4900 break level. A close above here, not yet seen, will help to stabilise price action and give way to consolidation beneath the 1.4973 high of 10 December. A further close above here, if seen, would turn sentiment positive and extend November gains towards further resistance at congestion around 1.5000 and the 1.5010 Fibonacci retracement.