Published: 2023-12-13T11:37:17.000Z
Chart EUR/CAD Update: Choppy below 1.4700 - room for a minor test above here
Senior Technical Strategist
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4950 | ** | congestion | S1 | 1.4600 | ** | cong, 50% ret | |
| R3 | 1.4900 | break level | S2 | 1.4578 | * | 3 Nov (m) low | ||
| R2 | 1.4800 | break level | S3 | 1.4500 | ** | cong, 61.8% ret | ||
| R1 | 1.4700 | * | congestion | S4 | 1.4400 | * | congestion | |
Asterisk denotes strength of level
11:05 GMT - Little change, as mixed/negative intraday studies extend consolidation beneath congestion resistance at 1.4700. Oversold daily stochastics continue to edge higher and the negative daily Tension Indicator is flattening, suggesting potential for a test above here. However, broader weekly charts are under pressure, pointing to increased selling pressure towards 1.4800. Meanwhile, support remains at 1.4600 and extends to the 1.4578 monthly low of 3 November. A close beneath here will turn sentiment negative and extend November losses towards strong support at 1.4500.