Published: 2025-06-02T10:38:35.000Z
Chart EUR/CAD Update: Cautious trade - studies under pressure
Senior Technical Strategist
-
The break below congestion support at 1.5600 has bounced from 1.5575
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5900 | congestion | S1 | 1.5600 | * | congestion | ||
| R3 | 1.5800 | congestion | S2 | 1.5500 | ** | congestion | ||
| R2 | 1.5760 | * | 21 May (w) high | S3 | 1.5400 | ** | congestion, 38.2% ret | |
| R1 | 1.5700 | break level | S4 | 1.5325 | ** | 27 Mar (w) low |
Asterisk denotes strength
11:20 BST - The break below congestion support at 1.5600 has bounced from 1.5575, as intraday studies turn higher, with prices currently trading around 1.5630. Daily readings continue to track lower and broader weekly charts are also under pressure, highlighting a bearish tone and room for fresh losses in the coming sessions. A close below 1.5600 will open up further congestion around 1.5500. A close beneath here will add weight to sentiment and put focus on strong support at 1.5400. Meanwhile, resistance remains at 1.5700. But a close above the 1.5760 weekly high of 21 May is needed to improve sentiment and initially target 1.5800.