Chart EUR/CAD Update: Recent gains not sustained
The break above congestion resistance at 1.6300 has been pushed back from 1.6340
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6468 | * | 17 Oct YTD high | S1 | 1.6200 | * | congestion | |
| R3 | 1.6400 | * | break level | S2 | 1.6135~ | ** | 3 Nov (w) low | |
| R2 | 1.6340 | * | 13 Nov (w) high | S3 | 1.6115 | ** | 50% ret of Jul-Oct rally | |
| R1 | 1.6300 | * | congestion | S4 | 1.6100 | * | congestion |
Asterisk denotes strength
12:10 GMT - The break above congestion resistance at 1.6300 has been pushed back from 1.6340, as intraday studies turn down, with prices currently trading back below 1.6300 around 1.6275. Rising daily stochastics are flattening just below overbought areas, suggesting potential for further tests lower. But the positive daily Tension Indicator and mixed weekly charts should limit any immediate losses in renewed buying interest/consolidation above congestion support at 1.6200. Meanwhile, resistance remains at 1.6300 and extends to 1.6340. A close above, if seen, would improve sentiment and extend November gains towards 1.6400, where fresh selling interest is expected to appear.