Published: 2024-06-20T10:36:56.000Z
Chart EUR/CAD Update: Consolidating - studies remain under pressure
Senior Technical Strategist
2
Little change, as negative intraday studies keep pressure on congestion support at 1.4700 and the 1.4688 weekly low of 14 June
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4900 | * | break level, 76.4% ret of Nov-Feb fall | S1 | 1.4688/00 | * | 14 Jun (w) low; congestion | |
| R3 | 1.4850 | break level | S2 | 1.4650 | * | congestion | ||
| R2 | 1.4800 | * | congestion | S3 | 1.4580 | * | 23 Apr (w) low | |
| R1 | 1.4750 | congestion | S4 | 1.4545 | ** | 2 Apr (m) low | ||
Asterisk denotes strength of level
11:15 BST - Little change, as negative intraday studies keep pressure on congestion support at 1.4700 and the 1.4688 weekly low of 14 June. Daily readings are also negative and broader weekly charts are under pressure, highlighting room for a later break and extension of early June losses towards 1.4650. Already oversold daily stochastics, however, could limit any immediate break beneath here in consolidation above the 1.4580 weekly low of 23 April. Meanwhile, resistance remains at congestion around 1.4750 and should cap any immediate tests higher.