Chart EUR/CAD Update: Range trade - daily studies under pressure
The anticipated test below congestion support at 1.6000 has bounced from 1.5965
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6325 | ** | July 2009 high | S1 | 1.6000 | ** | congestion | |
| R3 | 1.6200 | historic congestion | S2 | 1.5900 | * | congestion | ||
| R2 | 1.6150~ | ** | March 2018 (y) high | S3 | 1.5800 | congestion | ||
| R1 | 1.6100/09 | * | cong; 1 Jul YTD high | S4 | 1.5700 | break level |
Asterisk denotes strength
11:15 BST - The anticipated test below congestion support at 1.6000 has bounced from 1.5965, as oversold intraday studies unwind, with prices once again trading above 1.6000. The daily Tension Indicator and daily stochastics continue to track lower, highlighting room for a later break back beneath here towards further congestion around 1.5900. But rising weekly charts are expected to limit any tests in renewed buying interest. Following corrective trade, fresh gains are looked for. However, a close above congestion resistance at 1.6100 and the 1.6109 current year high of 1 July is needed, although not yet seen, to turn sentiment positive once again and extend August 2022 gains towards critical multi-year resistance at the 1.6150~ year high of March 2018. Continuation beyond here will extend broader 2012 gains into levels from 2009Q3.