Chart EUR/CAD Update: Consolidating - background studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | * | congestion | S1 | 1.4800 | * | congestion | |
| R3 | 1.5000 | ** | congestion, 61.8% ret | S2 | 1.4745 | ** | 61.8% ret of Nov-Jan rally | |
| R2 | 1.4955 | ** | 50% ret of Jan-Feb fall | S3 | 1.4700 | * | congestion | |
| R1 | 1.4900 | ** | break level, 38.2% ret | S4 | 1.4645 | ** | 76.4% ret of Nov-Jan rally |
Asterisk denotes strength
10:35 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation following the test of congestion support at 1.4800. Daily readings are mixed/positive, highlighting potential for further sideways trade. But broader weekly charts are negative, pointing to room for a later break below 1.4800. A close beneath here would add weight to sentiment and open up stronger support at the 1.4745 Fibonacci retracement. Continuation beneath here would extend January losses towards congestion around 1.4700. Meanwhile, resistance remains at 1.4900. A close above here, if seen, would improve sentiment and open up the 1.4955 Fibonacci retracement, where renewed selling interest is expected to appear.