Published: 2024-11-13T12:24:37.000Z
Chart EUR/CAD Update: Consolidating losses - studies under pressure
Senior Technical Strategist
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The anticipated break below 1.4800 has bounced from 1.4778
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | * | break level | S1 | 1.4800 | * | congestion | |
| R3 | 1.5050 | break level | S2 | 1.4778 | 12 Nov low | |||
| R2 | 1.5000 | * | congestion | S3 | 1.4735 | ** | 61.8% ret of Jun-Aug rally | |
| R1 | 1.4900 | ** | break level | S4 | 1.4700 | * | congestion |
Asterisk denotes strength
11:55 GMT - The anticipated break below 1.4800 has bounced from 1.4778, as intraday studies track higher, with prices breaking back above 1.4800 to currently trade around 1.4830. Oversold daily stochastics are also flattening, suggesting room for continuation higher. But the bearish daily Tension Indicator and negative weekly charts are expected to limit scope in renewed selling interest beneath resistance at the 1.4900 break level. Following cautious trade, fresh losses are looked for. A close below 1.4800 will add weight to sentiment and extend August losses towards the 1.4735 Fibonacci retracement.