Chart EUR/CAD Update: Higher levels not sustained
The test above resistance at the 1.6100 break level has been pushed back from congestion around 1.6150 in steady selling pressure
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6250 | congestion | S1 | 1.6000 | ** | congestion | ||
| R3 | 1.6200/10 | ** | congestion; 76.4% ret | S2 | 1.5950 | * | recent lows | |
| R2 | 1.6145/50 | * | 1 Apr high; congestion | S3 | 1.5900 | * | congestion | |
| R1 | 1.6100 | ** | break level | S4 | 1.5850 | * | congestion |
Asterisk denotes strength
12:05 BST - The test above resistance at the 1.6100 break level has been pushed back from congestion around 1.6150 in steady selling pressure, as overbought intraday studies unwind, with prices currently trading around 1.6030. Overbought daily stochastics are leaning lower, highlighting room for a test of congestion support at 1.6000. But the positive daily Tension Indicator and rising weekly charts should limit any break in renewed buying interest above 1.5950. A close beneath here, however, will add weight to sentiment and prompt a deeper pullback. Meanwhile, resistance remains at 1.6100 and extends to 1.6150. This range should cap any immediate tests higher.