Chart EUR/CAD Update: Test of 1.6200 not sustained
The anticipated test above congestion resistance at 1.6200 has been pushed back from 1.6251
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6340 | * | 13 Nov (m) high | S1 | 1.6100 | * | congestion | |
| R3 | 1.6300 | * | congestion | S2 | 1.6065 | * | 8 Dec (w) low | |
| R2 | 1.6250 | congestion | S3 | 1.6035 | ** | 61.8% ret of Jul-Oct rally | ||
| R1 | 1.6200 | * | congestion | S4 | 1.6000 | * | congestion |
Asterisk denotes strength
11:55 GMT - The anticipated test above congestion resistance at 1.6200 has been pushed back from 1.6251, intraday studies turn down, with prices currently balanced around 1.6150. A test beneath here cannot be ruled out, opening up congestion support at 1.6100. But rising daily readings are expected to limit any initial tests in consolidation, before mixed/negative weekly charts prompt further losses. A close below the 1.6065 weekly low of 8 December would turn sentiment negative and extend mid-October losses towards the 1.6035 Fibonacci retracement. Meanwhile, any fresh tests above 1.6200 should meet renewed selling interest beneath congestion resistance at 1.6250.