Published: 2026-07-24T10:41:24.000Z
Chart EUR/CAD Update: Consolidating test of support - studies under pressure
1
The anticipated test of support at congestion around 1.6000 and the 1.6020 Fibonacci retracement is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6250~ | ** | 14 Apr (m) high | S1 | 1.6020 | * | 38.2% ret of Mar-Jun rally | |
| R3 | 1.6200 | ** | congestion | S2 | 1.6000 | ** | congestion | |
| R2 | 1.6150 | * | break level | S3 | 1.5940 | ** | 50% ret of Mar-Jun rally | |
| R1 | 1.6100 | ** | break level | S4 | 1.5900~ | ** | 4 May (m) low |
Asterisk denotes strength
11:30 BST - The anticipated test of support at congestion around 1.6000 and the 1.6020 Fibonacci retracement is giving way to consolidation, as oversold intraday studies unwind. However, daily readings are turning down and broader weekly charts are bearish, suggesting room for further losses in the coming sessions. A later close beneath here will add weight to sentiment and extend late-June losses towards the 1.5940 retracement. Meanwhile, resistance remains at 1.6100. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 1.6150.