Chart EUR/CAD Update: Extending March gains
Anticipated gains are extending in heightened volatility
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6393 | ** | 27 Jan YTD high | S1 | 1.6150 | * | congestion | |
| R3 | 1.6300 | * | congestion | S2 | 1.6100 | ** | break level | |
| R2 | 1.6250 | congestion | S3 | 1.6025 | * | recent lows | ||
| R1 | 1.6200/10 | ** | congestion; 76.4% ret | S4 | 1.6000 | ** | congestion |
Asterisk denotes strength
12:00 BST - Anticipated gains are extending in heightened volatility, with prices currently pressuring strong resistance at congestion around 1.6200 and the 1.6210 Fibonacci retracement. Daily readings have ticked higher and broader weekly charts continue to rise, highlighting room for further strength in the coming sessions. A close above here will extend March gains towards congestion around 1.6250. However, already overbought daily stochastics could limit any immediate continuation beyond here in profit-taking towards further congestion around 1.6300. Meanwhile, support is raised to 1.6150. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation around 1.6100.