Chart EUR/CAD Update: Balanced above 1.5400 - studies under pressure
The pullback from congestion resistance at 1.5600 has met buying interest above congestion support at 1.5400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5700 | break level | S1 | 1.5400 | * | congestion | ||
| R3 | 1.5672 | 18 Mar (w) high | S2 | 1.5325 | ** | 27 Mar (w) low | ||
| R2 | 1.5600 | * | congestion | S3 | 1.5300 | * | 50% ret of Feb-Mar rally | |
| R1 | 1.5500 | ** | congestion | S4 | 1.5170 | ** | break level, 61.8% ret |
Asterisk denotes strength
10:45 BST - The pullback from congestion resistance at 1.5600 has met buying interest above congestion support at 1.5400, as oversold intraday studies turn higher, with prices currently trading around 1.5455. Rising daily stochastics have flattened and the daily Tension Indicator continues to fall, suggesting room for a later break beneath 1.5400 towards the 1.5325 weekly low of 27 March and the 1.5300 Fibonacci retracement. Overbought weekly stochastics are also unwinding, but a close beneath this range is needed to turn sentiment outright negative and extend March losses towards 1.5170. Meanwhile, a close back above congestion resistance at 1.5500, if seen, will turn sentiment neutral and prompt consolidation beneath 1.5600.