Chart EUR/CAD Update: Extending March losses
Consolidation has given way to a sharp break lower to support at the 1.5430 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5785 | ** | December 2020 (m) high | S1 | 1.5430 | * | 38.2% ret of Feb-Mar rally | |
| R3 | 1.5700 | break level | S2 | 1.5400 | * | congestion | ||
| R2 | 1.5600 | * | congestion | S3 | 1.5300 | * | 50% ret of Feb-Mar rally | |
| R1 | 1.5500 | ** | congestion | S4 | 1.5170 | ** | 61.8% ret, multi-month range high |
Asterisk denotes strength
10:40 GMT - Consolidation has given way to a sharp break lower to support at the 1.5430 Fibonacci retracement, where mixed/positive intraday studies are prompting fresh consolidation. Daily readings continue to track lower, however, and overbought weekly stochastics are turning down, highlighting room for still further losses in the coming sessions. A close below 1.5430 will add weight to already bearish price action and extend March losses below congestion around 1.5400 towards the 1.5300 retracement. Meanwhile, resistance is lowered to congestion around 1.5500. A close above here, if seen, will stabilise price action and prompt fresh consolidation beneath further congestion around 1.5600.