Chart EUR/CAD Update: Balanced beneath fresh 2025 year high - studies edging higher
Little change, as prices extend consolidation around critical resistance at the 1.6235 multi-year Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6330 | ** | June 2009 high | S1 | 1.6200 | * | congestion | |
| R3 | 1.6300 | * | historic congestion | S2 | 1.6100 | ** | congestion | |
| R2 | 1.6270~ | ** | 11 Sep YTD high | S3 | 1.6000 | ** | congestion | |
| R1 | 1.6235 | ** | 76.4% ret of 2008-2012 fall | S4 | 1.5900 | congestion |
Asterisk denotes strength
11:55 BST - Little change, as prices extend consolidation around critical resistance at the 1.6235 multi-year Fibonacci retracement. Overbought daily stochastics have ticked higher and the daily Tension Indicator remains positive, highlighting room for a fresh test higher. A close above 1.6235 will improve sentiment and extend 2012 gains beyond the 1.6270~ current year high of 11 September towards historic congestion around 1.6300 and the 1.6330 high of June 2009. However, already overbought daily stochastics and negative weekly charts are expected to limit any initial tests of this range in profit-taking/consolidation. Meanwhile, support remains at congestion around 1.6200. A close beneath here would add weight to sentiment and prompt a pullback, initially towards further congestion around 1.6100.