Chart EUR/CAD Update: Cautious trade - limited tests higher
Little change, as prices extend choppy trade within the 1.6200 - 1.6300 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6468 | * | 17 Oct YTD high | S1 | 1.6200 | * | congestion | |
| R3 | 1.6400 | * | break level | S2 | 1.6135~ | ** | 3 Nov (w) low | |
| R2 | 1.6340 | * | 13 Nov (w) high | S3 | 1.6115 | ** | 50% ret of Jul-Oct rally | |
| R1 | 1.6300 | * | congestion | S4 | 1.6100 | * | congestion |
Asterisk denotes strength
12:25 GMT - Little change, as prices extend choppy trade within the 1.6200 - 1.6300 range. Daily readings are improving, suggesting room for a test of congestion resistance at 1.6300. But mixed/negative weekly charts are expected to limit any initial break in renewed selling interest/consolidation beneath strong resistance at the 1.6340 weekly high of 13 November. A close above here, if seen, would improve sentiment and extend November gains towards 1.6400, where fresh selling interest is expected to appear. Meanwhile, any initial tests below congestion support at 1.6200 should give way to consolidation above stronger support at the 1.6135~ weekly low of 3 November and the 1.6115 Fibonacci retracement.