Chart EUR/CAD Update: Studies remain under pressure
Anticipated losses have reached 1.6025~, where unwinding oversold intraday studies are prompting a minor bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6235 | ** | 76.4% ret of 2008-2012 fall | S1 | 1.6000 | ** | congestion | |
| R3 | 1.6225 | 22 Aug YTD high | S2 | 1.5900 | congestion | |||
| R2 | 1.6200 | * | historic congestion | S3 | 1.5800 | congestion | ||
| R1 | 1.6100 | ** | congestion | S4 | 1.5762 | ** | 30-31 Jul (m) low |
Asterisk denotes strength
11:25 BST - Anticipated losses have reached 1.6025~, where unwinding oversold intraday studies are prompting a minor bounce. However, daily readings are under pressure and broader weekly charts are deteriorating, highlighting difficultry sustaining any immediate gains. Congestion resistance at 1.6100 should provide a near-term barrier. In the coming sessions, fresh losses are looked for. A later break below congestion support at 1.6000 will open up further congestion around 1.5900. Still deeper losses cannot be ruled out. Meanwhile, a close back above congestion resistance at 1.6100, if seen, will help to stabilise price action and prompt consolidation beneath critical resistance at 1.6200/35.