Chart EUR/CAD Update: Consolidating - studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6590 | ** | 61.8% ret of 1995-2012 fall | S1 | 1.6200 | * | congestion | |
| R3 | 1.6500 | * | historic congestion | S2 | 1.6150 | ** | 38.2% ret of Jul-Oct rally | |
| R2 | 1.6400 | ** | 3 Oct YTD high, congestion | S3 | 1.6100 | ** | congestion | |
| R1 | 1.6300 | * | historic congestion | S4 | 1.6000 | ** | congestion |
Asterisk denotes strength
11:40 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 1.6200. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting room for a later break and continuation of October losses towards the 1.6150 Fibonacci retracement. Already oversold daily stochastics could limit any initial tests in consolidation, before further downside tests unfold. Meanwhile, resistance remains at 1.6300. A close above here would help to stabilise price action. A further close above the 1.6400 current year high of 3 October, if seen, will turn sentiment positive and extend long-term gains towards historic congestion around 1.6500.