Chart EUR/CAD Update: Poised to extend April losses
Little change, as flat oversold daily stochastics keep near-term sentiment cautious and extend consolidation above congestion support at 1.5900
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6100 | ** | break level | S1 | 1.5900 | congestion | ||
| R3 | 1.6022 | * | 2-6 Apr lows | S2 | 1.5855 | ** | 61.8% ret of Mar-Apr rally | |
| R2 | 1.6000 | * | break level | S3 | 1.5800 | congestion | ||
| R1 | 1.5950 | * | break level | S4 | 1.5765 | ** | 76.4% ret of Mar-Apr rally |
Asterisk denotes strength
11:40 BST - Little change, as flat oversold daily stochastics keep near-term sentiment cautious and extend consolidation above congestion support at 1.5900. The daily Tension Indicator continues to fall and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break below 1.5900 will add weight to sentiment and extend mid-April losses initially towards the 1.5855 Fibonacci retracement. Meanwhile, resistance remains at 1.5950. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 1.6000.