Chart EUR/CAD Update: Choppy trade - daily studies continue to rise
Consolidation around congestion resistance at 1.5800 has given way to a minor pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6000 | ** | congestion | S1 | 1.5700 | * | congestion | |
| R3 | 1.5910 | * | 38.2% ret of Jan-Mar fall | S2 | 1.5600/15 | * | congestion; 9 Mar YTD low | |
| R2 | 1.5850 | minor congestion | S3 | 1.5535 | * | 29 May 25 (w) low | ||
| R1 | 1.5800 | * | congestion | S4 | 1.5475 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength
11:50 GMT - Consolidation around congestion resistance at 1.5800 has given way to a minor pullback, with prices bouncing from above congestion support at 1.5700 to currently trade around 1.5765. Daily stochastics and the daily Tension Indicator are rising, highlighting room for a retest of 1.5800. However, mixed/negative weekly charts should limit any break in renewed selling interest/consolidation beneath further congestion around 1.5850. Meanwhile, support remains at 1.5700. A close beneath here will help to stabilise price action. But a further close below congestion around 1.5600 and the 1.5615 current year low of 9 March is needed to turn sentiment negative and confirm continuation of October losses.