Chart EUR/CAD Update: Corrective bounce
Cautious trade is giving way to a push higher
| 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
11:20 GMT - Cautious trade is giving way to a push higher, as intraday studies improve, with focus turning to congestion resistance at 1.5800. Oversold daily stochastics are unwinding and the daily Tension Indicator is also ticking up, highlighting room for a test above here. However, mixed/negative weekly charts should limit scope in renewed selling interest/consolidation beneath further congestiona round 1.5850. Meanwhile, support is raised to congestion around 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.